Octiv, a South African software platform for managing gyms, has completed a Series A investment round with eight figures, spearheaded by the venture capital firm Knife Capital.
The company had previously received seed funding from angel investors in South Africa. This round of funding also included an angel investment from a senior executive working for a cryptocurrency-powered banking platform called BVNK.
According to a statement given to TechCabal, the investment would help Octiv to accelerate its global expansion, provide product innovations, and scale customer service to keep up with its rapid growth.
Octiv started as a workout monitoring app called “BoxChamp” for CrossFit facilities in South Africa. Mark Fawzy, the CEO and founder, created the idea for the app after his paperback fitness notebook succumbed to a wet towel in his gym bag.
Since then, Octiv has grown into a cloud-based gym management platform with everything you need to run your day-to-day business.
The start-up asserts that applying its technology amplifies the feeling of human connection and community while also boosting the clients’ opportunities for business growth and strengthening their brands.
Member management and billing, payment gateway connectors, scheduling, multiple programs, lead management, task management, payroll, reporting, and website integrations are just a few of the Octiv platform’s features. Mark Fawzy, when asked about the fundraising round, said, “A primary objective of Octiv is offering brick-and-mortar gyms and fitness studios a digital arm to run a seamless and more successful business.”. We provide our members with the absolute pinnacle of individualized workout experiences.”
Octiv is now available in 27 countries, most of which are in Europe. Keet van Zyl, a founding partner at Knife Capital, believes that the fact that the firm was able to transition into foreign markets and develop traction in many nations is evidence of its considerable scaling potential.
Capital efficiency is critical in today’s economic situation. “We respect Mark and his team’s ability to build Octiv into a lean worldwide recurring revenue SaaS business with little outside money,” he added.
According to a report by Mordor Intelligence, the global fitness industry is currently valued at $96 billion, with 205,000 fitness facilities worldwide and a cumulative annual growth rate (CAGR) of 7.1% for the forecast period 2022-2027.