Albion leads £6.5m series-A for PayAsUGym

The fresh capital will enable the company to invest in recruitment, product development, marketing activity and the expansion of its network of participating gyms.

According to a statement, PayAsUGym saw its revenues increase 91% year-on-year in Q1 2018. Since the business first received backing from Albion in 2014, it has increased its network of venues from 1,700 to 2,700.

Existing investor Concentric also took part in the round, alongside angel investors.

Previous funding
Albion Ventures and MMC Ventures led a £1.6m seed funding round for PayAsUGym in March 2014.

Company
Founded in 2010, London-headquartered PayAsUGym is an online platform selling gym access on a pay-as-you-go, short-term membership or unlimited basis. The business has a UK-wide network of 2,700 participating venues, which it says gives it at least one gym in 96% of UK postcodes.

People
Albion Capital – Will Fraser-Allen (deputy managing partner).
PayAsUGym – Jamie Ward (CEO).

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• Topics
• Expansion
• UK / Ireland
• Technology
• Consumer
• United Kingdom
• Venture
• Albion Ventures (formerly Close Ventures)