The app for group fitness outdoors. Supported by Google Start-ups, professional athletes and London Sport
- London, United Kingdom
Categories: Travel, Leisure & Sport Mixed Digital/Non-Digital Mixed B2B/B2C
- Social Media
- Company number
- Incorporation date
- 7 Nov 2016
- Investment sought:
- Equity offered:
Please note that the campaign whilst the campaign is labelled as SEIS eligible, the Company will reach its SEIS limit at £199,863. We will, therefore, be looking to seek SEIS relief on investments up until £199,863, with the remaining balance being EIS eligible. Any tax relief is dependent on personal circumstances and may be subject to change in the future.
Bua Fit is the web app for outdoor fitness classes. We're on a mission to get millions of people outdoors to exercise their mind, body, and soul.
For consumers, we're the easy to use, simple way to book and pay into different outdoor classes. We remove all the hassle and give our customers more variety of trainers.
We connect trainers to clients for group fitness classes in a social and easy way! We reduce the risk, cost and time for trainers to scale their fitness business.
The alternative for consumers seeking outdoor fitness classes is relying on Google search functions, resulting in too many clicks, not enough action!
Trainers can seamlessly create classes in seconds to the market, and our algorithm matches trainer skill set and location with consumer interest and location to help engagement between supply and demand.
Our technology is social and motivating, just like our classes! Our booking and class creation experience is there to remove barriers for supply and demand in the outdoor fitness space.
Consumers focus on getting fit; trainers focus on teaching and retaining clients.
Bua Fit takes care of the business.
Group fitness has grown from outside the top 10 fitness trends in 2016 to number 2 in 2019 so our timing for scale is perfect!
Consumers are increasingly turning to group fitness because they are being motivated by others and their experience is more social.
We exist because group-based outdoor fitness has been shown to improve mental and physical health for the consumer, and we want to make it easier for the market to connect and transact.
Group classes in gyms tend to be difficult to reserve and they’re overcrowded in cities like London. Also, as for studios, booking into classes tend to be expensive overtime which causes frustration for the consumers.
Research shows humans spend 93% of their time indoors which is causing health problems. Bua Fit is here to give people an alternative to the Gym or Studio, and get consumers outside for a social, stimulating exercise experience after a long day or week in the office.
There are many marketplace apps for indoor fitness and now it’s time to cater for the outdoor market.
We help trainers by giving them technical and marketing tools to grow their business at scale. There is no rent, fees, or subscriptions for our trainers or consumers to use the platform. We connect consumers to their desired outdoor classes in 2 clicks in their area through our algorithm.
We aim to build a presence in the fitness capitals of the world: London, LA and Sydney. Our technology is built for horizontal scale so we can adapt to deliver for our customer's needs without stopping the day to day running of our business.
This allows us to scale up faster.
Substantial accomplishments to date
While bootstrapping, let us give you an overview of our accomplishments to date:
· Bua Fit went through a 3 month accelerator program with The Accelerator Network and successfully made it to Demo Day.
· Finalist in The Great British Entrepreneurial Challenge.
· Start-up company to watch on Tech 365 X
· Headquartered in House of Sport, we have support from London Sports and Sport Tech Hub
· A Google Start Up, London Campus
· Pre campaign community built of 8,000 between subscribers and followers
· Soft launched on a 3rd party platform before app launch – 106 client’s bookings and a 20% retention
· Network of over 100 trainers ready for growth
· Professional athletes invested
· Revenue achieved with no outside investment
· 42% active user rate since we launched
· 37% user retention rate
· Average consumer transaction size is £4 ahead of forecast
· Achieving 45% users engagement since web-app launch
· 83% of all web-app traffic came from Word of Mouth in our first quarter of operations
Currently, we are running a commission model. We make 20% of every client transaction.
Our classes are priced at industry standards for the outdoor fitness market. Pay to play!"
Our trainers have extremely competitive terms of service, earning 80% of every client transaction with no cost to their business. Also, they now have a new channel to market which is innovative and increases their likelihood of success.
This model has lowered our cost of consumer acquisition, as trainers help bring consumers and their own clients onto the Bua Fit platform.
Use of proceeds
We need your help to connect trainers to consumers at scale, and get more people outside and exercising in a way that is proven to be better for your mental health!
We are here to fill up our SEIS funding after self-financing the business to revenue stage.
We are using this investment to;
1. Acquire more users
2. Acquire more trainers
3. Generate more revenue
4. Invest in product development
5. Grow our team
‘Bua’ means victory in Gaelic so our mission is to make both sides of our marketplace successful with reaching their fitness goals and building their business.
Your investment is really going to make a difference as we’ll be one step closer to ‘victory’ in making the world a healthier and happier place.
The company has the following outstanding loans:
£20,000 loan from Start Up Loans granted to the Founder at an interest rate of 6% per annum, which is being repaid monthly using funds from the company.
£6,800 credit facility from Capital On Tap at an interest rate of 3.43-4.99% per month. The facility is being repaid monthly.
The funds raised from this investment round will not be used to repay these loans.