Investing in the internet of gyms and the future of fitness with Gymtrack

Thesis
Author
Jean-François Marcoux
Date
9th February 2015
Links
Gymtrack

At White Star Capital, we believe that smart sensors and data will continue to influence people’s lives, and health and fitness is one of the categories that will lead the way. Just as the Internet of Things will continue to improve people’s lives, the Internet of Gyms will make exercising more enjoyable, quantified, and interactive.

Many of us have tried to track our progress in the gym: scribbling the name of the exercise, the weight, the number of reps. All too often, it became a futile exercise as we would forget our notepad, drop water on it, or exaggerate our results. Smartphone apps were meant to help, but manually entering every workout with sweaty palms turned out to be just as futile. Even when a few of our friends somehow found a way to consistently track their workouts, the manually entered data always left them wondering “so what?” Gymtrack, a startup founded in Ottawa, Canada, solves all these problems.

Today we are pleased to announce that White Star Capital is leading a $2.5m million Series Seed round of funding for Gymtrack alongside Real Ventures, 500 Startups and BDC.

Gymtrack’s unique solution automatically detects and tracks the exercise being performed, the number of reps, the time under tension, and the weight of the exercise. It provides a gym’s clients with sensors and software that integrates seamlessly into their existing workout machines.

We believe in the value that Gymtrack delivers to gym chains for two key reasons. First, it helps reduce a gym’s churn by providing better customer service, insight into the value of the membership, and tracking that they might not find at other gyms. Second, it helps create more consistent engagement with personal trainers: for gym members who use a personal trainer, Gymtrack allows the trainer to prescribe workouts between visits and to track their clients’ true results of each workout. Gym members get to track their complete workouts across machines and free weights through a digital platform without the need to purchase an expensive (and sometimes inefficient) wearable.

While there is a wearable sensor that tracks activity, Gymtrack is not “yet another wearables company.” Gymtrack is focused on the sensors (smart pin, barbell attachment, and unique identifiers for all gym equipment) inside the gym and the mobile software platform to track all exercises. Gyms benefit from installing the Gymtrack solution without changing any of their existing equipment.

Lee and Pablo, the co-founders of Gymtrack, grew so frustrated with tracking all their workouts by hand that they developed a solution to fix the problem, and their story resonated with us. They have built a great team, benefited from being part of the 500 Startups accelerator program, and are developing deep partnerships with gym chains and gym machine manufacturers.

With a strong leadership team, great technology, mobile software that is powered by hardware, and a solution that is deep into IoT and analytics, Gymtrack is an excellent fit for White Star Capital’s focus on mobile and data-driven products that delight users. We are excited to be backing Lee and Pablo and look forward to tracking our next workout at the gym with Gymtrack.

Read more about Gymtrack’s Series Seed here and find out more about Gymtrack’s platform for gyms here.

Thesis
Author
Jean-François Marcoux
Date
9th February 2015
Links
Gymtrack