UK fitness network PayasUgym has secured GBP1.6m in a funding round led by Albion Ventures and MMC Ventures, bringing total investment to date to GBP3.5m.
With 12 million ex-gym members in the UK (double the amount of gym members) PayasUgym offers a solution for those looking to get back into the gym, as well as first timers, by offering flexible, discounted gym passes nationwide.
The funding will be used to strengthen PayasUgym’s position in the UK and to launch new products and services – including enabling customers to compare and directly book fitness classes all over the UK.
Founded in 2010 by Jamie Ward and Neil Harmsworth, PayasUgym enables gym goers to easily locate gyms and health clubs online and then purchase flexible, discounted gym passes for one day, one month or three month periods. Passes are sent to the customer by SMS and email and are presented to gym reception staff to gain access.
With more than 1,700 health clubs now available on its website, PayasUgym has established itself as the UK’s largest online gym network.
PayasUgym CEO Jamie Ward says: “We’ve built a strong and dedicated network of angel investors who have loyally supported us so far and now we are entering a new stage in the life of PayasUgym that requires ‘next-level’ investors. I’m delighted to welcome Albion and MMC to the party not only for the funds but also the guidance and support they can offer us from their extensive networks and experience of scaling young companies. It’s very exciting times for us all at PayasUgym.”
Will Fraser-Allen, deputy managing partner at Albion Ventures, who will be joining the PayasUgym board, says: “PayasUgym is an exciting and innovative company with a tremendous future ahead of it. The company already has a significant web presence and with a third of health and fitness clubs in the UK already signed up, is well placed to capitalise on its first mover advantage. We are looking forward to working with the PayasUgym team to build a significant business in a sector we know well.”
