Capital raise anticipated to bring in $3 million for future growth
ORLANDO, FL / ACCESSWIRE / October 24, 2023 / Spot Social Fitness, maker of the Spot app, has announced the signing of a term sheet with venture capital firm NeoTerra Capital to lead a pre-seed investment round.
Austin, Texas-based VC NeoTerra Capital is kicking the round off with a pledged $500,000 special purpose investment vehicle (SPV), with the total raise anticipated to be $3 million.
NeoTerra Capital’s Managing Director Chris Piedmonte expressed his enthusiasm for the partnership.
To date, Spot has previously raised $510,000 in angel round funding from local, Orlando-based accredited investors.
As a transformative player in the fitness app landscape, Spot aims to eliminate obstacles to getting active by providing personalized recommendations, finding activity partners, and scheduling a calendar event for all involved.
The app serves a dual purpose:
- Enables users to find and connect with local fitness options and partners.
- Offers businesses a powerful marketing platform.
With over 30 different fitness interests supported, Spot stands out for its versatility and commitment to serving a broad spectrum of the fitness community.
Spot has shown impressive metrics since its proof-of-concept launch in Central Florida. The app’s pilot marketing campaign after launch rapidly led to a few thousand local users, at less than half the cost of the industry average acquisition costs with more than double industry-standard retention.
“Our initial launch helped validate that our product messaging offers something people want, and our retention shows we’re already at a place where users want to stick around,” said Nir Evanhaim, CMO, Spot. “Next up, we will be building some of the features customers are asking for, like an activity planner, and start bringing the B2B side into the ecosystem to expand our ability to personalize an active lifestyle for each user.”
The funds raised in this latest round will be utilized for engineering key B2B monetization features within the Spot App, launching Spot’s website, adding personalized push notifications, and developing a sales pipeline, among other operational expenses.
“The financial acuity of the team since inception has allowed us to build not just an app, but a community platform,” explained Donna Rayburn, CFO, Spot. “We know that the only way to stay active is to make it fun, easy to do and build social relationships. This is something that NeoTerra saw the value in right away.”
Along with announcing this partnership with NeoTerra Capital, Spot has been accepted into the Starter Studio Accelerator and is working toward completing the program at the end of 2023, aligning with ongoing preparations for rapid growth in 2024.
Spot is a client of the UCF Business Incubation Program, operating out of the East Colonial Office.
For more information about Spot Social Fitness, please contact CEO Adam Ben-Evi: email@example.com
About Spot Fitness
Spot Fitness is the maker of the Spot social fitness app, designed to help people build a social support network that strengthens their active lifestyle goals. With Spot, you can find places to go, things to do, and people to meet – all in your area and based on your interests. Easily find an open basketball game to join, a kayaking partner, or even start a weekly running group. Remember – fitness success is about social support!
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SOURCE: Spot Social Fitness, Inc