South African gym management software platform Octiv has closed an eight-figure Series A funding round led by venture capital firm Knife Capital. The startup previously raised seed capital from South African angel investors and this round also included an angel investment from an executive at the crypto-powered banking platform BVNK.
According to a statement shared with TechCabal, the investment will allow Octiv to fast-track its global expansion drive, add product enhancements, and scale customer service to keep up with its aggressive growth.
Octiv started as a workout tracking app called “BoxChamp” for CrossFit gyms in South Africa. Mark Fawzy, the CEO and founder, formulated the idea for the app after his paperback fitness logbook succumbed to a wet towel in his gym bag.
Since then, Octiv has grown into an all-in-one cloud-based gym management platform for managing day-to-day business activities. The startup claims that its technology enhances the experience of human connection and community while supercharging its clients’ business growth potential and brand identity.
Some of the functionalities of the Octiv platform include member management and billing, payment gateway integrations, scheduling, various programmes, lead management, task management, payroll, reporting and website integrations.
Speaking on the funding round, Mark Fawzy stated, “A primary vision of Octiv is handing brick-and-mortar gyms and fitness studios a digital arm to run a seamless and more profitable business. We offer their members the ultimate personalised fitness experience.”
Octiv is currently present in 27 countries, predominantly in Europe. According to Keet van Zyl, founding partner at Knife Capital, the startup’s ability to shift into international markets and gain traction in multiple countries demonstrates that its scaling potential is significant.
“In the current economic climate, capital efficiency is key. We admire how Mark and his team have built Octiv into a lean global recurring revenue SaaS business with very little outside capital,” he added.
According to a report by Mordor Intelligence, the global fitness industry is currently valued at $96 billion with 205,000 fitness facilities worldwide and a cumulative annual growth rate (CAGR) of 7.1% for the forecast period 2022-2027.