Online fitness marketplace PayAsUGym has raised £6.5m in Series A funding.
The round was led by Albion Capital, which also joined the company’s Seed round, and drew the support of existing backer Concentric and Angel investors.
PAUG will use the cash to build its team, continue developing and enhancing its product and grow its user base.
The startup does what it says on the tin: enabling users to access health and fitness clubs across the UK on a flexible pay-as-you-go basis.
Will Fraser-Allen, deputy managing partner at Albion Capital, explained why he had decided to back the company: “PayAsUGym has built a formidable position as the market leader in the flexible fitness market. The company has scaled its offering impressively in recent years and is now the largest fitness marketplace in the UK by both revenue and supply.
“This Series A funding round follows a strong start to the year and we are excited to support Jamie Ward and his team with further investment.”
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“It has been a fantastic start to 2018 and we’re delighted with the strong support from our existing investors, led by Albion Capital, to fund the business through the next stage of growth,” Ward, the CEO and co-founder added.
“We’re passionate about connecting people with fitness venues in the easiest and most flexible possible way. PayAsUGym’s technology is driving increased gym participation by delivering for those of us that need that extra bit of flexibility in our lives and love using our smartphones to get the services we need. This funding allows us to not only grow the facilities we offer our members but to improve our product to ensure the ultimate experience,” he concluded.
Today’s news come after the website confirmed, in 2016, that its servers had been hacked and that 300,000 email address and passwords of it members had been accessed.