Tuesday 25 June 2019

Former rugby star's gym software company Glofox targets future IPO

 

Conor O'Loughlin, CEO of Glofox. Photo: Mark Stedman
Conor O'Loughlin, CEO of Glofox. Photo: Mark Stedman

Michael Cogley

Irish gym-software company Glofox has set its sights on an initial public offering within the next five years.

The Dublin-based company - which also has offices in Sydney, Australia, and San Francisco - will hire an additional 130 staff by 2021.

Speaking to the Sunday Independent, founder Conor O'Loughlin said that he wanted the company to grow "lean and efficiently" following its recent €10m fundraising to expand into the US.

"In terms of our ambition and what we can achieve, if we bring in some large accounts we potentially might not need to do another raise," he said.

"For us, we see a path to an initial public offering in the next four to five years, which may act as a potential exit point for some of our investors."

Glofox provides infrastructure for gyms and fitness franchises to manage bookings. Around 10 million classes were booked were booked using the programme last year.

The latest funding round was led by London-headquartered Octopus Capital.

Ex-Connacht rugby player O'Loughlin also revealed the company had secured the contract to service F45, one of the world's fastest-growing boutique exercise franchises.

The F45 deal will see Glofox service F45's 1,500 studios dotted across the world.

"The client alone will be significant for us in terms of being a big portion of our revenue for the next year," he said.

"It was a great validation to the market to be able to secure the franchise. Over the past year going through that process from pilot stage to roll out has enabled us and our product to mature to serve that type of customer and that's a blueprint we'll be taking to the market."

Sunday Indo Business

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