If spinning or standard cross-fit classes are too tame for you, a startup providing fitness boxing may be just what you need. Grit Bxing is an early-stage firm that has already received the backing of multiple high-profile investors, according to the company. Names like Tim Draper, Pitbull, and Tony Robbins have reportedly invested in this company that generated $2 million in top-line revenue during the first 6 months of operations of its flagship New York City location (Grit NYC). Grit Bxing recently launched a securities offering on Republic and as it stands today the company has already topped its minimum hurdle having raised $125,000 from 169 investors.
The concept of “boutique fitness” is growing in popularity. At the Grit NYC location members book specific 50 minutes classes as part of monthly packages. The average per class fee is $36 with an 8 session monthly package set at $199. The experience so far is that classes are consistently selling out. The studio is also home to a full-service bar so members can exercise and then socialize – if they choose. Too bad the company is being compelled to take a COVID-19 induced pause.
Having trialed the concept in Manhattan, the company is now looking to expand into San Francisco for its second location. The goal is to expand their studio base to other locations initially in New York City and other major cities. The company intends to open at least three new studios per year for the next several years. Obviously additional funding will be needed at some point in the future.
Beyond opening additional locations across the country perhaps the most interesting aspect of the company is the potential for virtual workouts similar to Peleton.
So what do you get if you back this company?
Grit is selling common shares or a Crowd Stock Purchase Agreement (Crowd SPA), as Republic calls it. The company is selling shares at $2.97 each with a minimum purchase of $252.45. Grit is looking to raise $1.07 million in this Reg CF offering. The pre-money valuation has been set at $15 million.
Depending on how much you invest the company has thrown in certain perks but it is really about the possibility for future gains. In brief, you are betting the shares you purchase will be worth significantly more in the future. There is more information in the Form C filing submitted to the SEC – something you should read.
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