Fitness industry software company, Glofox successfully raised €500,000 in seed funding last year. The round was made up of €250k from business angel Gianni Matera, though the Halo Business Angel Network (HBAN), and €250k from Enterprise Ireland’s High Potential Startups Unit.Glofox has made strong market progress and are now raising a second round of funding.
Conor O’Loughlin, founder & CEO of Glofox, who will share his story at the Dublin BIC Funding & Scaling Series this Thursday, spoke with Start & Scale about his fundraising journey.
Far from a Smooth Run
‘You need to spend money to make money is an old saying, and this was very true for Glofox. Cash is oxygen to a start-up, yet you need to invest in the business to attract funding. In doing that you can leave yourself very exposed – a real catch 22! We were about to run out of cash just before we received the HPSU funding – we had cash left to cover only two more months. Nerve-racking times.’ reveals Conor.
The Glofox CEO speaks candidly about the fundraising process, ‘Seeking investment was like kissing frogs until we finally got an opportunity to pitch at a HBAN forum.’ Gianni Matera of investment vehicle Growing Capital was one of a number of angel investors in attendance and was impressed by the potential of the platform and the strong customer satisfaction levels of existing users. The funding followed soon after.
Commit to the Training
According to Conor the business plan is a vital component to any scaling enterprise – and one that is often overlooked by founders. ‘As an early stage start-up we had little appreciation for what investors were looking for in a founding team. As a founder I am excited about my product and feel I could encourage any potential investor to engage, but you need to convey the right business and investment messages to bring the conversation on to the next stage. The Dublin BIC Investor Ready Programme helped us hugely in this regard, particularly by ensuring we were crystal clear about our product, positioning and market.’
Springboard for Expansion
The funding has allowed Glofox to scale into North America and the United Kingdom where the business is growing fast – it was recently announced that GloFox secured a deal with UK fitness giant, Yoga Lyons Professional. Although expansion is a key goal, a priority for Glofox is continued product development and enhancing customer experience.
‘Investor relations is a core element of our business now. Each month I send a report to our investors showing how we have executed our plans. This keeps key stakeholders in the loop as we seek follow on investment.’
To find out more about Glofox please visit their website: https://www.glofox.com/
Conor O’Loughlin will speak at Dublin BIC Funding & Scaling Series at the Maker Hotel on 17th November.