Fitness start-up 1Rebel raises £1.5m through crowdfunding » SMEInsider

Fitness start-up 1Rebel raises £1.5m through crowdfunding

The boutique gym venture 1Rebel surpassed its £1.15m funding target in just 11 days, raising a total of £1,559,370 – 136% over target – through the crowdfunding platform Crowdcube.

Founded by James Balfour and Giles Dean, the team behind Fitness First and Jatomi Fitness, the start-up is planning a string of pay-as-you-go, ‘high intensity’ gyms in London, with the first to open in Shoreditch later this year. 304 investors have opted to back the business, in return for a 34% equity stake.

Unlike most crowdfunding sites, in which money is pledged without strings or in return for “perks” like merchandise or pre-ordered products, Crowdcube allows investors to buy shares in a company, making it the world’s first online equity crowdfunding platform. Since its launch in 2011, it has helped 143 UK start-ups to raise over £37m. In July, the company broke a world record by raising £1.2m in just 16 minutes for its own Series B funding round.