South African gym management software platform Octiv has raised an seven-figure US dollar Series A funding round from local VC firm Knife Capital to help accelerate its global expansion.
Founded by Mark Fawzy in Cape Town in 2014, and previously known as BoxChamp, Octiv provides gyms and fitness studios with the correct software with which to run a profitable fitness business. The startup’s platform personalises the gym member experience and provides them with an outstanding digital experience.
The startup previously raised seed capital from prominent South African angel investors, and has now closed an seven-figure Series A led by Knife, a venture capital firm that accelerates the international expansion of African innovation-driven businesses by leveraging knowledge, networks and funding. It also include an angel investment from an executive at BVNK.
This investment will allow Octiv to fast-track its global expansion drive, add innovative product enhancements, and scale customer service levels to keep up with aggressive growth.
“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,” Fawzy said.
Octiv has successfully breached the South African borders, securing clients in over 27 countries, predominantly in Europe. growth funding.
“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,” said Keet van Zyl, Knife Capital founding partner. “We identified the potential in Octiv and its ever-striving objective of becoming a world-class leader in fitness software product development, while being able to humanise the software to ensure that it remains client-centric.”
This investment will accelerate Octiv’s expansion further, allowing the company to upscale its product team for more innovation while building out the sales function to onboard more gyms. Knife Capital’s presence in the UK will also assist in accelerating Octiv’s European expansion strategy.