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TV.FIT

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Fitness for the body, fitness for the mind. Subscription content from celebs, athletes & fitness experts.

157%
 - 
Funded 13 Jun 2020
£1,400,000 target
£2,208,212 from 340 investors
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Business overview

Location glasgow, United Kingdom
Social media
Website WWW.TV.FIT
Sectors Travel, Leisure & Sport Digital Mixed B2B/B2C
Company number SC541304
Incorporation date 27 Jul 2016
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Investment summary

Type Equity
Valuation (pre-money) £19.8M
Equity offered 10.01%
Tax relief

EIS

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Business highlights

  • Strong growth in membership numbers since launch
  • Global multimedia reach of over 8m followers via partners
  • Developing wellness solutions for hundreds of organisations
  • Partnerships with Tru-Fusion (US), ITV & Cool Events
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Key features

  • Secondary Market
  • Nominee investment min. £10.23 +
  • Direct investment min. £50,000.00 +

Idea

Introduction

In the US and UK, just 14% of the population have gym memberships. Gym drop out rates in the first 8 weeks of membership can be as high as 80%, & 1 in 3 people in the UK aren’t getting enough exercise.

However, the fitness industry is growing, from £4.9bn (UK, 2019) to a predicted £5.3bn (2023), due partly to the rise in home exercise.

TV.FIT has over 100 hours of health & wellbeing content from global fitness experts & celebrities. Our subscription service is accessed in 66 countries across 6 continents.

We have formed significant B2B partnerships to offer TV.FIT to over 6m people, including TruFusion (12k users), CoolEvents (6m users) & ITV, and are working on others with a potential of over 10m corporate employees.

Competitors tend to focus purely on fitness, while we recognise the importance of good mental health. Our 'Living Life to the Full' e-books are recommended by the NHS & provide self-help support for a healthy, fulfilled lifestyle.

This combination of premium physical & mental health content that has seen us achieve upward user growth since launch.

Intended impact

Tv.Fit is targeted at the entire population and can be used as an add-on to other sports activities, or on its own. The combination of easy accessibility and premium content is critical for success.

We have a wide range of workouts in a variety of style, target market, fitness goal and technique, including:

Our mental health content includes ‘Living Life to the Full’ e-books written by Dr. Chris Williams, Professor of Psycho-social Psychiatry and aim to provide mental health support to aid the journey to a healthy, fit lifestyle.

We aim to cater for all aspects of the fitness journey, from mental health support for those who have yet to start to improve their fitness through to content for those who are already working on their fitness regime.

Substantial accomplishments to date

- More than 100 hours of video workouts available.
- Streamed to over 8,000 subscribers across 66 countries in 6 continents, and growing.
- Organic growth sees an average of 100-150 new members signing up to TV.FIT each day. Partnership deals are bringing in high volumes of new users on top of organic growth.
- Programmes are credible and created by some of the world’s most well known fitness figures including George St-Pierre, Caroline Pearce, Gemma Atkinson and Pierre Pozzuto.
- Global multimedia reach of over 8m followers via partners, with over another 6m in the pipeline.
- Recently acquired the Instagram handle @fitness which has over 1m followers and is tagged multiple times a day.
- Exclusive NHS-recommended mental-health-focused content from a world-leading medical committee.
- Branded merchandise available with global partners.
- Corporate wellness solutions are in negotiation with hundreds of organisations representing over what we believe are over 10 million employees.

Partnerships include:

- TruFusion, 10K users ‒ Exclusive content (TruFusion classes) available from April 2020 for members to use at home.
- CoolEvents, 6M users ‒ Members will have 30 or 60 days (TBC) free access to a dedicated app mirroring the TV.FIT platform.
- UK gym chains - Thousands of members ‒ Platform access as part of their membership.

Monetisation strategy

Currently, users can gain access to unlimited workouts for just $9.99/£7.99 per month.

We have also been very busy forming partnerships with gyms to offer our exclusive content to their members in addition to their membership. Partnerships include TruFusion (US franchise disrupting the group fitness industry, part owned by Alex Rodriguez), and CoolEvents (one of America’s largest experiential events companies). These partnerships have a combined membership of over 6m people. Our partnerships are growing our membership trajectory far quicker than projected, and we are actively sourcing new partnership deals.

Additionally, we’ve also been developing strategic partnerships to offer corporate wellness solutions for hundreds of organisations. This could become another major revenue stream, potentially adding over 10 million people to our membership.

Use of proceeds

We plan to use the funds raised in this round for:


A portion of the proceeds of this fundraise may also go towards the repayment of debt, please see the Key Information tab for further details.

Investor Rewards

Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company and listed above. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.

Key Information

Debt

Please note, there is an outstanding loan in the business which is due for full repayment in May 2020. The amount to be repaid is £357k. Funds from this investment round will be used towards this repayment in addition to current revenues.

Warrants for Equity

The company has an existing warrant instrument, entered into in 2019, which allows the warrant holder to subscribe for further shares at £0.146333 per share, at any time within the 3 years from the date of an exit or upon an exit (if earlier). The company also has another two warrant instruments with the same terms, entered into in 2019, except that the period over which they can be exercised is 5 years instead of 3.

All together, these outstanding warrants currently represent 3.435230024% of equity on a fully diluted basis, and therefore investors should reasonably expect dilution to this degree to be likely to occur at a future date.

Lead Investor - Investment Tranches and Details.

Please note, the lead investor in this round is shown as investing circa £1.85m.

This amount will be received by the company in 3 tranches over the next 12 months, as follows:

1) £847,999.86 before or at the same time as the Seedrs round completes.
2) £500,000 on the 10th of October 2020.
3) £500,000 on the 9th of April 2021.

These tranches are contractually committed and are not subject to further conditions. None the less, investors should be aware of the above as it goes to the cash position of the company upon completion of this round.

The leading investor is also purchasing £750k worth of shares in the company via a secondary share purchase from an existing shareholder (at the same share price as the main round), which will be completed and paid either before or at the same time as the Seedrs round completes.

Please note, another significant investor is also investing £100k in a second tranche which is in line with the terms set out above and will be payable to the company on the 10th of Oct 2020. This investment is reflected in the campaign total funds raised.

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If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for TV.FIT has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 28 April 2020 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £19,784,196

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

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