Fitness software business races ahead with expansion following FW Capital investment.
A business which has developed software for the fitness industry has received significant funding from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
Fitcloud Technology Limited t/a Membr, based in Worsley, is a gym management software company which enables gym owners, personal trainers and clients, to interact with each other more effectively. Users can use the app to book classes, access bespoke training plans from personal trainers, collect data from internet-enabled equipment, track results and make payments.
Membr has formed strategic partnerships with two of the world’s largest gym operators and equipment providers and is installed in gyms across Europe, the Middle East, Far East and USA.
The company doubled its turnover during the last year, is now active in 19 countries and employs 37 people.
FW Capital’s loan has been used specifically to roll out a major project in AsiaPacific which will further enhance the company’s global footprint next year.
Membr was launched in 2010 by 30 year old CEO Jack Malin.
Mr Malin said: “I was working as a personal trainer and thought about how I could engage with my clients more efficiently and grow the number of people I was training. I knew I could do better than emails and bits of paper and came up with the idea of an app.
“The idea developed over time to include a complete fitness offering and enable gyms to have closer contact with their customers. Many gyms have the problem of people joining up, being really enthusiastic for the first month and then not coming back.
Through the app, gyms can motivate their clients and help them achieve fitness goals so that they are much more likely to see results and keep going.
“Our partnership with two major players in the fitness industry has taken the business globally and we now have an opportunity to roll out a huge project in Asia for which FW Capital’s funding has been crucial. We are also in talks to expand further into the U.S. which is the biggest fitness market in the world.
“We’ve also formed a strategic partnership with a leading global manufacturer of gym equipment to embed our software into kit such as rowing machines and treadmills which link with other aspects of our technology and provide additional data.”
FW Capital investment executive, Adam Husband said: “Fitcloud presents us with an excellent opportunity to support a local business with its global expansion. Jack is a very inspiring and entrepreneurial individual.
“The business has huge growth potential and we are really pleased to be investing in the future of the company. “We are very keen to support other businesses that need capital to fund expansion projects.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund
(ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Callum Brookes, MC2
0161 236 1352
About the Northern Powerhouse Investment Fund
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and
Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
For more information, please contact: Helen Di-Girolamo 029 2033 8149
E-mail: [email protected]
Media centre: www.fwcapital.co.uk/media
Social media links:twitter.com/fwcapital https://www.linkedin.com/company/2468102#
FW Capital is a fund management company currently managing UK-based funds over £191 million. FW Capital has invested over £100 million through 418 investments into 336 growing businesses in the North of England.
FW Capital manages a number of funds across the North of England.
FW Capital manages NPIF – FW Capital Debt Finance across the North West and Cumbria and Tees Valley. The funds offer business loans from £100,000 – £750,000. FW Capital manages these funds on behalf of the British Business Bank, the European Regional Development Fund and the European Investment Bank.
The Tees Valley Catalyst Fund
The Tees Valley Catalyst Fund supports businesses based in the North East (including County Durham, Darlington, Gateshead, Hartlepool, Middlesbrough, Newcastle, North Tyneside, Northumberland, Redcar & Cleveland, Stockton on Tees, South Tyneside, Sunderland and parts of Hambleton, Richmondshire, Ryedale, Scarborough. Please contact us to check regional eligibility criteria.
The fund offers short-term debt investments from £100,000 to £2 million to support businesses bidding for contracts.
FW Capital manages this £10 million fund for Tees Valley Combined Authority and Tees Valley Local Enterprise Partnership.
The North East Property Fund
The North East Property Fund offers short-term loans for small and medium-sized construction and property development companies. Loans from £250,000 up to £1million are available for residential and non-speculative commercial developments in Tyne& Wear, Northumberland, and County Durham.
FW Capital manages the £10 million North East Property Fund on behalf of NPF 2016 Limited, supported by investment from Santander and the North East LEP.
FW Capital is part of the DBW Group one of the UK’s largest SME investors. The DBW Group manages funds of in excess of £1 billion and has invested over £0.5 billion through more than 4,435 investments. For further information on the Group visit https://developmentbank.wales
About The Northern Powerhouse Investment Fund
• The Northern Powerhouse Investment Fund will invest in
Microfinance, Business Loans and Equity Finance sub-funds which will
offer financing ranging from £25,000 to £2m, specifically to help small
and medium-sized businesses secure the funding they need for growth
• The Northern Powerhouse Investment Fund is operated by British
Business Financial Services Limited, wholly owned by British Business
Bank, the UK’s national economic development bank. Established in
November 2014, its mission is to make finance markets for smaller
businesses work more effectively, enabling those businesses to prosper,
grow and build UK economic activity.
• The Northern Powerhouse Investment Fund is supported by the
European Regional Development Fund, the European Investment Bank,
the Department for Business, Energy and Industrial Strategy and British
Business Finance Limited, a British Business Bank group company.
• The NPIF covers the following LEP areas: Tees Valley Combined
Authority, Greater Manchester, Cheshire and Warrington, Cumbria,
Liverpool City Region, Lancashire, Humber, Leeds City Region, Sheffield
City Region, York, North Yorkshire and East Riding
• The project is receiving up to £140,359,192 of funding from the
England European Regional Development Fund as part of the European
Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for the European Regional Development Fund.
Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
• The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.
• The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level is available at www.thebusinessfinanceguide.co.uk/bbb