Octiv Secures Funding To Accelerate Global Expansion
South African gym management software platform provides gyms and fitness studios with the correct software to run a profitable fitness business. The startup’s platform personalizes the gym member experience and provides an outstanding digital experience.
Octiv has raised a seven-figure US dollar Series A funding round from local VC firm Knife Capital to help accelerate its global expansion.
This series A was 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 includes an angel investment from an executive at BVNK.
According to Octiv, this investment will allow it to fast-track its global expansion drive, add innovative product enhancements, and scale customer service levels to keep up with aggressive growth.
Mark Fawzy, Octiv Founder, said: “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 personalized fitness experience.”
Keet van Zyl, Knife Capital Founding partner, said: “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. 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 humanize the software to ensure that it remains client-centric.”
Octiv said this investment would accelerate its 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.