Platform for Personal Trainers. Built and backed by former Just Eat team.
Business overview
| Location | London, United Kingdom |
|---|---|
| Social media | |
| Website | www.class-ify.com |
| Sectors | Travel, Leisure & Sport Digital B2B |
| Company number | 12796667 |
| Incorporation date | 8 Aug 2020 |
Business highlights
- Hybrid fitness solution enabling both gym and home workouts
- Led by ex senior team from Just Eat and Asda
- Over 200 qualified coaches signed up since June 2021
- Global platform combining a full tech stack and training academy
Learn more about convertible campaigns.
Idea
Introduction
It’s never been more important to improve our health and we believe that the most effective way of staying on track is a Personal Trainer, but there are two problems; personal training can be expensive and PTs themselves are often trapped in a flawed business model working long hours for a handful of clients.
Moving online could maximise income and reach, but building that business takes time and expertise, two things that most trainers don’t have.
That’s where we come in. Connect exists to empower PTs and combines all the technology and business support a personal trainer would need. From bespoke websites, integrated CRM systems, nutrition planning, workouts plus a dedicated account manager who guides them through their marketing, sales and coaching journey.
For clients this is a ‘Personal Trainer in your Pocket’ - access to a live trainer who manages a bespoke training plan they can complete anywhere.
Join the movement into the next generation of online personal training.
Substantial accomplishments to date
-Connect launched in June 2021 and over 200 coaches are already signed up from 16 countries including the UK, USA, Canada, Dubai, Spain, Germany, Thailand, Vietnam, Costa Rica and Australia.
-Generating £50k revenue every month and increasing*
-We are about to embark on a trial with YMCAfit where we will support trainers going through their PT qualifications with access to our platform. The YMCA produces outstanding fitness instructors who go the extra mile to inspire their communities.
-Our leadership team is made up of senior players from Just Eat and Asda.
-They have a proven track record of successful startups, marketing strategy and implementation.
-Our CMO was awarded The DRUM Digital Strategy of the Year for Asda. Described as a ‘huge feat’, it drove measurable footfall and sales.
-We have a curated team of elite fitness professionals to work alongside our in-house team to build and develop our product and overall offering.
-Backed by Investors from the leadership teams at Just Eat, Talentful, Treatwell, Rapid Spike, STuDocu, and OYO Hotels
-Our trainers love what we do - we have an NPS score of +75
-Most of our growth has at this stage come from word of mouth referrals.
- Launched our first brand partnerships with other fitness companies including Level Out, Live Hermosa, CB PLus and Yumi Nutrition to provide added value to our trainers, their clients and collectively drive fitness communities.
*Based on unaudited management accounts.
Monetisation strategy
As we’re B2B2C focussed, Sales and Marketing is dedicated to onboarding PTs through highly targeted approaches and partnerships like YMCAfit, then our Customer Success team is focussed on ensuring the PTs onboard clients. We have aligned the success of our business to the success of the coaches so we don’t make money until PTs generate revenue, we then take 12% commission.
Our plan is to hit Unicorn status. In order to achieve this, we believe that we need to be working with approximately 28,000 PTs, which is just under 4% of the market in the US, UK and Aus alone. This is based on 12 clients per trainer, however we estimate that trainers can coach up to 80 clients.
We will build a B2B marketplace where trainers and brands have the ability to sell fitness products via our platform. This will provide an incremental revenue stream to the trainers and to us.
We plan to develop relationships with some of the World’s largest organisations, through our network to offer PTs to their workforce.
Use of proceeds
Your support and funding will help democratise the fitness industry for tens of thousands of independent PTs, because we believe scalable and profitable personal training businesses shouldn’t just be for influencers and celebrities.
We want to build on our success and go bigger and better as we prepare to expand our team into the US. We will enhance our technology, building the Class-ify App to reach mobile markets.
We plan to develop our new Strava-like social community to allow our PTs to nurture and keep relationships with their clients. In the same way that Strava has gamified solo sports like running and cycling, we will gamify training. The more a social community can power an individual's motivation, the longer they will stay on the platform, and the more they can maintain an active lifestyle.
We will also further invest in our marketing, connecting with even more PTs and in the future, with potential members themselves.
Investor Perks
For Seedrs investors, if you want to get fit, we’re offering an exclusive chance to try our platform for half price. For any personal trainer who invests, we’ll support you commision free - the more you invest, the longer you receive a discount.
Key Information
Advanced Subscription Agreement
This investment round is being raised by way of a convertible equity investment structure, in this case an "advanced subscription agreement".
The key terms that apply to the Company’s advanced subscription agreement are set out below. See also attached Key Terms document for further details.
• Discount: 20%
• Valuation Cap: £5,000,000
• Conversion is triggered by ("Trigger Events"):
- An Equity Fundraise – defined as the Company raising investment capital of at least £500,000 from one transaction or a series of transactions, in exchange for the company issuing of shares;
- A Change of Control of the company (transfer of more than 50% of the share capital); or
- An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.
• If a Trigger Event occurs, the ASA will convert at:
- the lowest price paid per share in connection with the Trigger Event, discounted by the Discount; and
- the Valuation Cap divided by all issued shares and outstanding options and equity interests in the Company, discounted by the Discount.
• Longstop Date: 6 months from signing of instrument. (Note: this will be after the campaign closes).
• If conversion has not been triggered by the Longstop Date shares will be issued on the longstop date at the Default Share Price, which is:
the lower of (i) the lowest price of any share issued after the date of the agreement; and (ii) a price per share on a company valuation of £3,150,000.
•The convertible would also convert to equity at the Default Share Price in the event of winding up or liquidation of the company.
Share Classes
The company has two share classes:
A Ordinary Shares, which have voting and dividend rights and with a 1x non participating liquidation preference.
Ordinary Shares, which have voting and dividend rights.
The direct investment that the company has already received as part of this round, will be receiving Ordinary A Shares.
Seedrs investors will be issued Ordinary shares on conversion unless the company receives confirmation in the interim that the A ordinary shares are EIS eligible, in which case we will convert into that class on a trigger event.
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