Arbox raises $2 million from Pico Ventures
The startup's management platform for gyms and fitness studios serves around half a million users
According to Arbox, its platform serves around half a million end users hailing from hundreds of different gyms. The company plans to use the money that was raised to increase its growth in an industry valued at $100 billion. Arbox also intends to expand its 25-person workforce by almost 50% and turn greater focus to international markets, mainly the U.S.
"We have clients in the U.S. in which gyms are now beginning to open and we have an online sales model," Arbox CEO Alen Debensason told Calcalist. Arbox was founded by Debensason and CPO Ran Lev in 2015. This is the first time the company has raised funds.
Arbox's platform allows gyms and studios to manage their entire activity, including sales, accounting, sign ups and communication with members. During the Covid-19 pandemic, the platform is also being used by gyms to ensure they abide by all the required restrictions in order to open.
"The gyms have changed over recent years from a place to which you only go to work out at to a real communal center," said Debensason.
"The last few months hurt the global and Israeli fitness industry but also proved beyond doubt how essential it is."
"The small gyms and studios have become a global growth engine valued at $100 billion," said Elie Wurtman, Pico Venture Partners co-founder. "We are confident that Arbox's technology and excellent team will help it breakout in the growing fitness industry."