LegitFit, founded in 2019, received backing from Business Venture Partners (BVP) through EIIS, venture capital fund Delta Partners and US-based TechStars. Both Delta and TechStars were follow-on investors.
Speaking with the Sunday Independent about the raise, Ryan O’Neill, co-founder and CEO of LegitFit, said the raise will allow the company to “double down” on its plans for the UK and other English-speaking markets like the US, Australia and New Zealand.
“In a market where not a lot of things are going right for companies, it is definitely a big achievement,” he said. “It kind of backs what we are doing here.
The companies that are being funded now are not just the ones with the ideas, it is about the execution
“The companies that are being funded now are not just the ones with the ideas, it is about the execution. Having strong revenue has become so apparent over the last 24 months.”
O’Neill said there had been plenty of interest in LegitFit, with plenty of offers on the table. Interest was helped by the company hitting profitability just before the raise.
“With any funding round, it is just a process, and there are some tough parts of that process for sure. But where we were at versus what else is going on in the market, our revenues and numbers were quite strong. That led it to be a little bit easier.”
O’Neill said LegitFit’s UK expansion was going well, including attracting interest from some of the country’s largest gym and fitness chains. O’Neill said he was optimistic more growth was on the horizon.
The application allows customers to find and book physiotherapists, massage therapists, personal trainers and fitness classes
In the UK, we have made a pretty significant dent in it now
“In the UK, we have made a pretty significant dent in it now,” he said. “It is just about doubling down there.”
O’Neill said the business was competing against some big companies. However, he believed LegitFit’s focus on innovation and meeting customers regularly has been helping it to “win out”.
LegitFit was founded by O’Neill, Gearoid Collins and Ian O’Sullivan.
In 2021, Legitfit acquired Belfast-based fitness marketplace company GoFyt. The application allows customers to find and book physiotherapists, massage therapists, personal trainers and fitness classes.
In 2022, LegitFit raised a €1m seed funding round led by Delta Partners.