Fundraising round closed with cornerstone investment from industry veterans and sporting legend Mat Fraser & HWPO
Apr 20, 2022
Fitr, the global SaaS business which provides a unique all-in-one remote coaching software, announces the closing of its highly anticipated, oversubscribed fundraising round at $1,200,000. Fitr generated interest from institutions, private investors, and high-profile industry players, including CrossFit sporting legend Mat Fraser. The additional cash reserves provide liquidity for the business to further increase its active user base, develop additional functionality within the platform, and increase staffing to focus on direct customer acquisition.
Fitr launched in 2019 and has developed a remote coaching software platform that allows coaches to build globally scalable online programming businesses. Fitr is the brainchild of tech entrepreneur Leon Cassidy. As part of the round Mat Fraser and his long-time business associate and CEO of HWPO, Matt O’Keefe, have now joined the Fitr Board of Directors, adding additional industry clout to the senior management team.
The demand for remote coaching and plans has boomed over the last several years, further bolstered by the global pandemic. Fitr has seen an impressive year of growth, with YOY growth of coach generated income increasing by 90% to $2.4MN. The platform serves global brands and businesses to address the common problems faced by coaches as they scale and grow online businesses and provide solutions to help them save time and make more money.
HWPO, Fraser’s programming business, is the latest in a line of prestigious coaching platforms to be powered by Fitr software and joins other notable brands, including Eleiko, Gymshark Lifting Club, Invictus, Battle Cancer, WIT Fitness, The Athlete Program, Archon, Prepared Programming and JST Compete.
Fitr CEO and Founder, Leon Cassidy, comments:
“The closing of this round is extremely exciting for us, 2021 was a year of incredible growth with a number of big name moves from leading athletic coaching providers and individual coaches. The additional cash reserves provided in this round will allow us to massively increase our investment in the platform’s infrastructure and development, pursue more aggressive customer acquisition and build on the progress made over the last year.
It’s a great endorsement of the platform, with industry legend Mat Fraser placing his seal of approval on the product alongside other key industry players. We have always said that our product is the only one on the market that is really delivering a solution to allow coaches to deliver amazing programs, scale them at speed and manage the back office and payment channels that traditional have limited growth potential and we see this as the market agreeing with us.”
Matt O’Keefe, CEO of HWPO states:
“We are beyond excited to participate in this round and look forward to seeing Fitr continue to grow its market share. Our decision to trust Fitr to develop the standalone platform for HWPO comes at the end of an exhaustive deep dive into the available providers and through that process we formed an excellent opinion of the management team and the market opportunity for this venture.”