Online fitness start-up Fit Gurus has closed £200,000 of investment to grow its workout delivery platform.
The Newcastle-grown business, which has recently graduated from the Ignite100 accelerator programme, has raised £100,000 of the funding from the AngelList syndicate of investors.
Fit Gurus’ co-founders Paul Slater and Dave Stidolph have been advised by Watson Burton on the fundraising, which also includes £100,000 of investment from the Finance for Business North East Proof of Concept Fund, managed by Northstar Ventures.
Fit Gurus is an online platform which pairs personal trainers and athletes with gym goers who want insight into their regimes.
James Foster, investment manager at Northstar Ventures, said: “Fit Gurus is a fantastic concept, and has been developed at a time when as a nation we are more interested in fitness and training than ever before. This platform allows personal trainers to reach an unlimited amount of clients around the world. I’m confident that the business will enjoy exponential success.”
Led by UK entrepreneur Doug Scott, a venture capitalist and mentor, the US-based AngelList syndicate includes a host of 37 top international technology investors.
The platform began life as an online introduction board for technology companies that needed seed funding, but now acts as a free platform to allow start-ups to raise money from angel investors.
Last year the platform facilitated more than $100m (£64.6m) of investment in US start-ups.
Richard McGlasham, Watson Burton corporate solicitor, said: “The roll-out of AngelList into the UK will provide a further funding alternative for tech businesses across the country, allowing them access to highly respected funders who have experience of helping tech companies grow.
“We’ve been able to help Fit Gurus throughout the entire process, liaising with both Northstar Ventures’ lawyers and AngelList to bring the deal together.”
Developed with £30,000 worth of initial investment, subscription-based platform Fit Gurus opens up the potential market for personal trainers, who are typically restricted in volume of work by time and location.
Dave Stidolph said the latest funding would help drive Fit Guru’s “huge” potential.
His co-founder Paul Slater, who built the platform in just four weeks, said: “We worked with Watson Burton as part of the Ignite programme, and also Northstar Ventures who also supports Ignite, so they were the natural choice to advise us on this deal.
“Richard and the team have provided us with invaluable business advice, putting us in the best possible position to take advantage of this new source of funding alongside Northstar Ventures. Without Northstar Ventures we wouldn’t have been able to secure such a large investment.”
The Proof of Concept Fund is backed by the European Regional Development Fund, the European Investment Bank and the Regional Growth Fund.