Fitness for the body, fitness for the mind. Subscription content from celebs, athletes & fitness experts.
|Location||glasgow, United Kingdom|
|Sectors||Travel, Leisure & Sport Digital Mixed B2B/B2C|
|Incorporation date||27 Jul 2016|
- Strong growth in membership numbers since launch
- Global multimedia reach of over 8m followers via partners
- Developing wellness solutions for hundreds of organisations
- Partnerships with Tru-Fusion (US), ITV & Cool Events
In the US and UK, just 14% of the population have gym memberships. Gym drop out rates in the first 8 weeks of membership can be as high as 80%, & 1 in 3 people in the UK aren’t getting enough exercise.
However, the fitness industry is growing, from £4.9bn (UK, 2019) to a predicted £5.3bn (2023), due partly to the rise in home exercise.
TV.FIT has over 100 hours of health & wellbeing content from global fitness experts & celebrities. Our subscription service is accessed in 66 countries across 6 continents.
We have formed significant B2B partnerships to offer TV.FIT to over 6m people, including TruFusion (12k users), CoolEvents (6m users) & ITV, and are working on others with a potential of over 10m corporate employees.
Competitors tend to focus purely on fitness, while we recognise the importance of good mental health. Our 'Living Life to the Full' e-books are recommended by the NHS & provide self-help support for a healthy, fulfilled lifestyle.
This combination of premium physical & mental health content that has seen us achieve upward user growth since launch.
Tv.Fit is targeted at the entire population and can be used as an add-on to other sports activities, or on its own. The combination of easy accessibility and premium content is critical for success.
We have a wide range of workouts in a variety of style, target market, fitness goal and technique, including:
Our mental health content includes ‘Living Life to the Full’ e-books written by Dr. Chris Williams, Professor of Psycho-social Psychiatry and aim to provide mental health support to aid the journey to a healthy, fit lifestyle.
We aim to cater for all aspects of the fitness journey, from mental health support for those who have yet to start to improve their fitness through to content for those who are already working on their fitness regime.
Substantial accomplishments to date
- More than 100 hours of video workouts available.
- Streamed to over 8,000 subscribers across 66 countries in 6 continents, and growing.
- Organic growth sees an average of 100-150 new members signing up to TV.FIT each day. Partnership deals are bringing in high volumes of new users on top of organic growth.
- Programmes are credible and created by some of the world’s most well known fitness figures including George St-Pierre, Caroline Pearce, Gemma Atkinson and Pierre Pozzuto.
- Global multimedia reach of over 8m followers via partners, with over another 6m in the pipeline.
- Recently acquired the Instagram handle @fitness which has over 1m followers and is tagged multiple times a day.
- Exclusive NHS-recommended mental-health-focused content from a world-leading medical committee.
- Branded merchandise available with global partners.
- Corporate wellness solutions are in negotiation with hundreds of organisations representing over what we believe are over 10 million employees.
- TruFusion, 10K users ‒ Exclusive content (TruFusion classes) available from April 2020 for members to use at home.
- CoolEvents, 6M users ‒ Members will have 30 or 60 days (TBC) free access to a dedicated app mirroring the TV.FIT platform.
- UK gym chains - Thousands of members ‒ Platform access as part of their membership.
Currently, users can gain access to unlimited workouts for just $9.99/£7.99 per month.
We have also been very busy forming partnerships with gyms to offer our exclusive content to their members in addition to their membership. Partnerships include TruFusion (US franchise disrupting the group fitness industry, part owned by Alex Rodriguez), and CoolEvents (one of America’s largest experiential events companies). These partnerships have a combined membership of over 6m people. Our partnerships are growing our membership trajectory far quicker than projected, and we are actively sourcing new partnership deals.
Additionally, we’ve also been developing strategic partnerships to offer corporate wellness solutions for hundreds of organisations. This could become another major revenue stream, potentially adding over 10 million people to our membership.
Use of proceeds
We plan to use the funds raised in this round for:
A portion of the proceeds of this fundraise may also go towards the repayment of debt, please see the Key Information tab for further details.
Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company and listed above. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.
Please note, there is an outstanding loan in the business which is due for full repayment in May 2020. The amount to be repaid is £357k. Funds from this investment round will be used towards this repayment in addition to current revenues.
Warrants for Equity
The company has an existing warrant instrument, entered into in 2019, which allows the warrant holder to subscribe for further shares at £0.146333 per share, at any time within the 3 years from the date of an exit or upon an exit (if earlier). The company also has another two warrant instruments with the same terms, entered into in 2019, except that the period over which they can be exercised is 5 years instead of 3.
All together, these outstanding warrants currently represent 3.435230024% of equity on a fully diluted basis, and therefore investors should reasonably expect dilution to this degree to be likely to occur at a future date.
Lead Investor - Investment Tranches and Details.
Please note, the lead investor in this round is shown as investing circa £1.85m.
This amount will be received by the company in 3 tranches over the next 12 months, as follows:
1) £847,999.86 before or at the same time as the Seedrs round completes.
2) £500,000 on the 10th of October 2020.
3) £500,000 on the 9th of April 2021.
These tranches are contractually committed and are not subject to further conditions. None the less, investors should be aware of the above as it goes to the cash position of the company upon completion of this round.
The leading investor is also purchasing £750k worth of shares in the company via a secondary share purchase from an existing shareholder (at the same share price as the main round), which will be completed and paid either before or at the same time as the Seedrs round completes.
Please note, another significant investor is also investing £100k in a second tranche which is in line with the terms set out above and will be payable to the company on the 10th of Oct 2020. This investment is reflected in the campaign total funds raised.
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