GRNDHOUSE

Idea

Introduction

Imagine Peloton and Strava had a baby. That's GRNDHOUSE. Live strength training classes with metrics delivered to our community centric app. Follow a weekly structure of low and high impact classes that focus on each body part individually to condition the entire body throughout the week, every week. Build progression, consistency and see the results you've been waiting too long for. Either hook up your GRNDHOUSE Strap or connect your own wearable to have live metrics appear on your screen and create groups with friends or colleagues to see theirs too. Post your results on your feed to champion and inspire each other, win badges and awards for your progress and gather your health data over time to see your improvements.

GRNDHOUSE is some of the UK's most experienced boutique fitness instructors, exclusively in one place. They helped bring boutique fitness to the London scene 7 years ago. Now they're taking boutique fitness, merging it with tech and making it accessible to the world.

Substantial accomplishments to date

- Entirely bootstrapped to date

- Launched January 2021 with web-based platform

- Acquired 1500 paying members to date on this prototype with completely organic growth

- Self-funded build of app and strap

- Film studio & headquarters planned to open within 12 months

- Monthly churn 7%

- Taken a revenue of £266k* since launch

- Featured on Telegraph, Cosmopolitan, Business Insider and more

*Source: Unaudited management accounts

Monetisation strategy

The business generates revenue from two sources at this stage. The main source is the subscription model for the app which varies between £20-£25/month depending on whether the client purchases a monthly, bi-annual or annual billing option. With subscriptions, the sky is the limit, so our main focus will be the drive as many clients to sign up to the app. Alongside this, our sales team will be working hard to push the B2B side of the model which will see us targetting corporate health and wellness budgets by offering discounted memberships in large quantities for their employees.

The second source of revenue at this stage will be our studio in a prime central London location, which will offer in-person classes. In addition to the direct revenue from the in-person classes, the studio will bring new members to the GRNDHOUSE app. It will also increase the loyalty of existing subscribers to the app by allowing them to build a personal relationship with the trainers. The revenue from the classes covers the running cost of the studio itself leaving the subscription revenue to funnel back into the tech model.

Use of proceeds

Film studio & equipment - 30%

Salaries of tech, marketing, sales and instructor team - 45%

Marketing spend - 20%

Hardware stock - 5%