South African gym management software platform Octiv has closed an eight-figure Series A funding round led by venture capital firm Knife Capital. The startup previously raised seed capital from South African angel investors and this round also included an angel investment from an executive at the crypto-powered banking platform BVNK.
Octiv started as a workout tracking app for CrossFit gyms in South Africa. Mark Fawzy, chief executive and founder of Octiv, formulated this idea when his paperback fitness logbook succumbed to a wet towel in his gym bag.
Since then, Octiv has grown into an all-in-one cloud-based gym management platform that includes everything a gym or fitness studio needs to manage its day-to-day business activities. Their technology enhances the experience of human connection and community while supercharging their clients’ business growth potential and brand identity.
Amongst other things, Octiv software enables member management and billing, payment gateway integrations, scheduling, various programmes, lead management, task management, payroll, reporting and website integrations.
“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,” says Mark Fawzy.
Octiv successfully breached the South African borders, securing clients in over 27 countries, predominantly in Europe. Octiv’s ability to shift into international markets and gain traction in multiple countries demonstrate that the company’s scaling potential is significant even before 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,” says 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 humanize 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.