Cloud-based fitness platform secures backing from NPIF – Maven Equity Finance to support international expansion
Fit Cloud Technology Ltd, trading as Membr, a fitness focused management software platform that operates in 23 countries worldwide has secured significant investment from NPIF – Maven Equity Finance, managed by Maven and part of the Northern Powerhouse Investment Fund, to fuel the next phase of its global expansion.
Membr is a full function cloud-based fitness software solution that has produced a simple and efficient digital platform that allows gym owners to manage their members whilst their personal training staff can actively support customers on their fitness journey.
As a result of the COVID-19 pandemic, fitness clubs across the globe were forced to close their doors overnight. The fitness industry reacted by delivering virtual experiences which has resulted in consumers learning how to absorb fitness content digitally. This has led to an increased demand for fitness clubs to operate a hybrid model of providing facilities for members to work out along with enhancing customer engagement through the use of digital content. Membr’s fully developed CRM and fitness SaaS platform has enabled its customers to overcome this change in the market dynamics.
The business is led by Jack Malin who set up the business in 2010 and has surrounded himself with a management team that has significant experience in the fitness sector as well as global expansion. Headquartered in Worsley, Greater Manchester, the business is well placed to increase its market share in the owner managed segment of the market with its best in class SaaS platform.
Jack Malin, CEO at Membr said:
“We are thrilled to receive this investment from NPIF. As a business, we’re looking forward to this next phase of growth in our journey and expanding both nationally and internationally. We look forward to working with the team at Maven in the upcoming years.”
James Rosthorn, Investment Manager at Maven said:
“Whilst the pandemic has had a profound impact on the sector, Membr is well placed to take advantage of the need for the fitness sector to
adapt to a hybrid model with customer engagement being at the top of the agenda. We are delighted to support Jack and the team as they look to accelerate their international expansion through strategic industry partnerships along with their focus of serving the owner managed segment of the market.”
It is the second time that Membr has received support from the NPIF, following backing in 2019 from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund. Since then, the business has gone from strength-to-strength, growing employee headcount from 30 to 50, entering six new international territories and updating the Membr app to allow live streaming and contactless capabilities.
Grant Peggie, Director at British Business Bank, said:
“NPIF has a strong track record of supporting companies in the North’s growing tech sector by providing investment. This latest investment in Membr builds on this trend, as we continue our commitment to investing in ambitious Northern companies across a wide range of emerging and traditional sectors.”
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.
Maven advisors: Pannone (legal advice), Hurst (financial due diligence), Luminii Consulting (commercial due diligence), Intechnica (IT due diligence) and Argyll Fenton (management due diligence).
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 and development.
• 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 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