Octiv, a South African software platform for gym management, has secured an eight-figure Series A fundraising round from one of the top venture capital firms, Knife Capital. An executive from BVNK also made an angel investment in the round. Octiv will be able to scale customer service levels to keep up with accelerated growth, implement innovative product innovations, and accelerate its worldwide expansion push thanks to the financing.
Octiv began as a workout-tracking tool for South African CrossFit facilities. Octiv’s CEO and founder, Mark Fawzy, came up with this concept when his paperback fitness notebook was destroyed by a wet towel in his gym bag. Since then, according to Knife Capital, Octiv has developed into a whole cloud-based platform for managing gyms and fitness studios.
The Octiv software supports a number of functions, including lead management, task management, payroll, reporting, website integrations, scheduling, lead management, and billing for members. Giving physical fitness centers and studios a digital arm so they can operate smoothly and profitably is one of Octiv’s main goals. We provide their members with the best, most customized exercise experience possible,” says Fawzy.
According to Knife Capital, the company has substantial growing potential even without additional capital due to its ability to enter international markets and develop momentum there.
“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 humanise the software to ensure it remains client-centric.”
Octiv is a comprehensive cloud-based platform for managing gym operations that has all the tools a fitness center or gym needs to run day-to-day operations. While boosting the possibilities for corporate growth and brand identity for their clients, their technology also improves the experience of community and personal connection.
The global fitness industry is presently valued at $96 billion, has 205,000 facilities globally, and is expected to increase at a 7.1% CAGR from 2022 to 2027, according to a report by Mordor Intelligence.
Currently, Octiv is available in 27 nations, mainly in Europe. Keet van Zyl, founding partner at Knife Capital, claims that the startup’s ability to enter foreign markets and develop momentum in numerous nations shows that it has great scaling potential.