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An app that connects users to a range of geo-located exercise classes, called FitKey, has received investment from Cape Town-based entrepreneur and angel investor, Justin Stanford.
In a nutshell, the FitKey app allows you to join an extensive range of fitness and exercise classes — yoga, gym, pilates — without being locked into a specific contract.
Currently limited to Capetonians, FitKey’s investment will be used to build out the FitKey team to ensure that it has the resources to scale rapidly across the country. Financial details of the deal were not disclosed.
“I saw the benefit in FitKey immediately, as someone who works unpredictable hours and travels regularly,” said Justin Stanford, who’s also the co-founder of investment management firm 4Di Group.
“There has been an explosion of different kinds of exercise regimes in South Africa and FitKey gives you access to all of them, with very little commitment,” the investor added.
Co-founder of FitKey Evan Walther explains that the capital was raised using Simple Agreement for Future Equity (safe). The YCombinator-standard documentation is an open-source of terms that are meant to reduce onerous and expensive management of the deal.
Speaking on the deal in a recent press release, Walther noted that safe is going to change the rate at which early-stage companies in South Africa can raise funding while preparing them for later rounds.
“Our round is oversubscribed and we’ve raised enough capital to reach breakeven. Though, we’re still accepting investment from value-add investors through the end of the month,” he added.