SA player backs gym-tech deal

A South Africa-based investor has signed an early-stage deal to back an investment into consumer services technology company focused on the fitness space.

Knife Capital has led an undisclosed series-A funding round into Octiv, which is also based in South Africa.

The investor is also joined on the deal by a number of undisclosed angel investors.

Knife is structuring the deal through KNF Ventures Fund 2, targeting approximately $17.1 million (R250 million) at final close.

Octiv will use the new capital for geographical expansion, with the company looking to expand globally.

Part of the new capital will also be used for product development, with the company looking to expand its product offering.

Octiv will also use part of the new capital for capacity expansion. The company is working on plans to increase the number of employees.

The company is being backed on track record.  Octiv has grown to attract clients across over 27 countries since inception, according to the investor.

The company is also being backed on growth prospects. Octiv operates in an industry which is valued at $96 billion globally.

Octiv is also being backed on the strength of its management team, which is led by chief executive officer Mark Fawzy.

‘’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, founding partner at Knife 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 humanise the software to ensure that it remains client-centric”.

Headquartered in Cape Town, Octiv is a software company that offers a fitness and gym management platform for corporates and consumers.

The company’s platform enables consumers to track their fitness activity through a mobile application.

Octiv’s platform also enables corporates to manage members and billing, payment gateway integrations, scheduling, various programmes, task management, payroll, reporting and website integrations for their gyms.

The company was initially set up as CrossFit gyms and later on

Created in 2014, Octiv is headed by founder and chief executive officer Mark Fawzy and employs approximately 11 people as of 2022.

The company was set up as CrossFit gyms, and was renamed as Octiv.