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BUA FIT

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Google supported start-up innovating how the outdoor and online group fitness industry connects.

117%
 - 
Funded 9 Oct 2021
£150,001 target
£226,090 from 157 investors
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Business overview

Location London, United Kingdom
Social media
Website buafit.co.uk/
Sectors Travel, Leisure & Sport Mixed Digital/Non-Digital Mixed B2B/B2C
Company number 10466004
Incorporation date 7 Nov 2016
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Investment summary

Type Equity
Valuation (pre-money) £3.5M
Equity offered 4.75%
Share price £2.71
Tax relief

EIS

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Business highlights

  • Over 4,600 Members & 9,000 bookings
  • Connected trainers to clients over 3,000 times
  • Average QoQ growth rate of 131% since Q1 '20*
  • Nominated for London Start-up of the Year
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.84 +
  • Pay by Bank payments not accepted
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 157
  • Discussion
  • Documents

Idea

Introduction

BUA FIT is the platform for outdoor and online fitness. We connect fitness professionals to consumers for group classes using e-commerce technology built for social interaction.

The majority of trainers are self-employed and many of them struggle to grow their businesses due to a lack of investment, and sales experience. They often pay extortionate rents in gyms, and have low marketing budgets.

We reduce the risks, costs, and the time it takes trainers to start or scale a fitness business outdoors and online.

On the consumer side, finding a variety of outdoor and LIVE online classes in one place, personalised to consumer needs can be very difficult. Nearly half of the people who sign up to gyms don’t use their membership, as they lack motivation and the training isn’t personalised to their needs. Group classes are often limited in space, and it can be expensive to get a trainer 1 on 1.

With BUA FIT, consumers find an array of live outdoor and online classes without any contract, in a few clicks. They can browse the platform, find classes and trainers which fit their needs, and easily book. So consumers exercise in an environment where they feel super comfortable, keeping them healthy, happy, and coming back to BUA.

Days into lockdown with the confirmation of the closure of the outdoor fitness model BUA created its own online fitness platform to stay in business; BUA LIVE. We offer a safe, secure platform where consumers and trainers interact in real time. We have designed the IP and the tech is custom made for fitness classes.

Substantial accomplishments to date

- Supported by Google for Startups and London Sport’s Sport Tech Hub.

- Nominated for London Start-up of the year by Hackernoon.

- Over 9,000 consumer bookings with 3,000 classes connected on the platform.

- Previously closed an oversubscribed funding round of 136% on Seedrs.

- Voted as one of the mobile startups to watch for innovation.

- Built BUA Live in response to lockdown restrictions to enable online group fitness classes on our platform.

- Voted as one of London’s best wellness start-ups to buy from.

- Over 4,600 members on the platform, with a 20% user retention rate.

- Won business with FTSE 100 and Fortune 500 brands.

- Recognised as one of the top social startups to follow in 2021.

- Users in Brighton, Cambridge, Ireland, Spain, France, Italy, Ibiza and Trinidad & Tobago.

- 325 connected classes completed in May 2021.

- The Co-Founder of a publicly-listed online marketplace is on our team, as well as several professional athletes.

- Total team of 9 (full-time and part-time).

*Based on unaudited management accounts.

Monetisation strategy

We make money from 4 commission models ranging from 5% to 30% when we connect training businesses to clients. We charge more when we deliver new clients to a trainer versus trainers running their entire business through the BUA platform with their existing clients.

Consumers can also bulk buy classes with BUA credit class packs that can be personalised for the trainer. We are also planning to launch our subscription model for customers to have unlimited outdoor and online classes.

Alongside charging commission on classes booked, we’ve curated bespoke B2C and B2B wellbeing solutions for corporates, charities, from start-ups to the Fortune 500, under our BUA private umbrella.

For example:
- Working with HR departments of TfL and Facebook to give employees discounted fitness rates.

- Working with Government bodies to provide classes where indoor fitness solutions aren't appropriate.

- Chief Supplier of Fitness at The Women In Technology World Series (with Michelle Obama headlining).

- Private classes for corporate events with Starbucks.

- Custom classes for female teenagers with mental health challenges.

- Pre and post-natal groups aimed at families who cannot afford babysitting and gym memberships.

Now the platform is established, our aim is to grow the number of bookings, classes and users on BUA to maximise revenue. We want to become a global fitness brand, focusing on connecting supply and demand in the UK, Europe, the US and Australia.

The heat map below illustrates the location of the 325 classes that took place over a month in London - there's lots more places to conquer.

Use of proceeds

- Expand the team:

We need to hire a B2B Sales Account Manager to assist the trainer portfolio and ensure effective growth of corporate accounts on the BUA platform.

- Increase bookings and revenue through marketing:

This marketing capital will help BUA spread through London and other UK regions.

- Grow our B2B side:

Looking to build out our subscription base and work with many more corporations.

- Product extension:

We plan to invest further in platform development and design.

- Pre-seed top:

To get closer to the perfect product market fit.

Our mission is to empower trainers to succeed and inspire people to live happier and healthier lives. BUA means victory in Gaelic and with your support we’ll be one step closer to victory in connecting the fitness industry, so both sides WIN!

Key Information

The company has the following outstanding loans:

1. £20,000 loan from the Start-up Loans Company at an interest rate of 6% per annum. The loan was entered into during February 2019, and is to be repaid within 5 years.

2. £3,195 Bounce Back Loan from Barclays at an interest rate of 2.5% per annum. Monthly repayments begin in June 2021 and the loan is to be repaid by June 2026.

The funds raised from this investment round will not be used to repay these loans.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

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Investing carries risks, including loss of capital and illiquidity. Please read our Risk Warning before investing.

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £3,524,729

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This shareholding type is available and the minimum investment required to select it.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.