Dublin’s Glofox raises €2m from top SaaS investors

23 Mar 2017

Image: Syda Productions/Shutterstock

SaaS player is fighting fit to take on the US gym market.

Glofox, the Dublin software company led by former professional rugby player Conor O’Loughlin, has raised €2m in investment and plans to grow its team from 25 people to 40.

The investment comes from seasoned software-as-a-service (SaaS) investors, including Notion Capital, Partech Ventures, Tribal.vc and Enterprise Ireland.

‘We give gym and studio owners a platform for managing their business more effectively’

Glofox is a fitness management platform for gym owners, covering everything from payments to reporting and add-on e-commerce.

SaaS appeal

The investment will enable Glofox to double down its efforts on the US market where it already has 40pc of its existing customer base of 500 gyms and studios.

The company is targeting what it believes is a tangible opportunity in the €79bn fitness market.

“Since starting Glofox, there’s an idea we hear again and again from our customers: ‘I didn’t set up a fitness business because of my love for spreadsheets’,” O’Loughlin explained.

“On the surface, this is what we solve: we give gym and studio owners a platform for managing their business more effectively.”

The company claims that, on average, gym businesses that have deployed its software have increased revenues by 33pc, saved two hours a day in administration time and driven membership retention by 25pc.

“The latest generation of SaaS products are lovable,” said Jos White of Notion Capital.

“They have taken their cues from consumer apps and are optimised for mobile. They think well beyond the functional and deliver a great user experience that drives engagement and retention.”

“Glofox very much falls into this category, something that is reflected in the levels of customer satisfaction, engagement and growth that the company is seeing.”

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years