SI² Fund closed its inaugural investment in November 2012. SI² Fund provided a funding package of EUR 500k to FitClass, a socially-driven operator of school-based venues for healthy living.
FitClass, founded in 2003, is an operator of health and fitness centres that organizes its business around a clear mission to involve its members in a healthy lifestyle by physically exercising on a regular, collective and medically responsible fashion. All FitClass venues are located in school premises and operated by franchisees. FitClass currently operates 23 school-based centers.
FitClass is run from the belief that the promotion of a healthy lifestyle is a prerequisite to counter the ongoing societal challenge of obesity and other ailments associated with a lack of responsible physical exercise. FitClass’ primary target groups are school children and population groups not currently served by the traditional fitness providers.
Unlike traditional fitness center operators, the business model of FitClass is aimed at active and recurring participation by the members, rather than at merely selling fitness subscriptions.
In the coming years, FitClass has the intention to grow its network to around 100 fitness centres in Belgium and to start rolling out the FitClass concept internationally. SI² Fund has invested EUR 500k to support the growth of FitClass, in the form of two subordinated loans with warrants.