Hussle completes £6.5m Series A investment round led by AlbionVC
AlbionVC has led a £6.5 million Series A investment round in Hussle (previously PayAsUGym) the online fitness marketplace, alongside existing co-investor Concentric and individual angels. The investment will be used to build the team, further enhance the product, grow the gym network and overall user base.
Hussle enables gym users to access a national network of thousands of health and fitness clubs, pools, classes and spas, on a flexible pay-as-you-go, short-term pass or unlimited membership basis. The company has rapidly expanded its range of venues since launch and now provides access to more than 2,700 venues, representing 32% of the UK market with at least one venue in 96% of all UK postcodes.
AlbionVC originally invested in Hussle in 2014 as part of a seed round. This Series A funding round is taking place following strong trading in Q1 2018, which saw Hussle increase gym payments by 91% year-on-year and total users of the monthly product by 107% year-on-year.
Hussle has capitalised on the changing market dynamics in the fitness market in the last 10 years, driven largely by the growing group of gym users who want more flexible access to fitness facilities and search online for gym membership, passes and classes. Societal trends have encouraged more active lifestyles, with the online digital world including social media bringing greater connection between those passionate about fitness and wellbeing.
Will Fraser-Allen, Deputy Managing Partner at Albion, said: “Hussle 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.”
Jamie Ward, CEO and co-founder, Hussle, says: "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. We're passionate about connecting people with fitness venues in the easiest and most flexible possible way. Hussle'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."