Octiv, Fitness Software Startup Secures Eight-figure Series A Round From Knife Capital

Octiv, a South African platform for managing gyms, has completed an eight-figure Series A fundraising round, which was headed by venture capital company Knife Capital.

An executive from the cryptocurrency-powered banking network BVNK made an angel investment in this round, adding to the startup’s previous seed funding from South African angel investors.

The investment will enable Octiv to accelerate its worldwide development push, provide product innovations, and scale customer service to keep up with its aggressive growth, according to a statement sent to TechCabal.

Octiv originally began as the “BoxChamp” workout monitoring app for South African CrossFit facilities. The app’s CEO and founder, Mark Fawzy, came up with the concept when his paperback fitness notebook was destroyed by a wet towel in his gym bag.

Since then, Octiv has developed into an all-in-one cloud-based platform for managing gym operations on a daily basis. The startup asserts that its technology boosts the sense of community and personal connection while accelerating its clients’ brand identity and business growth potential.

The Octiv platform has a number of features, such as member billing and management, connectors with payment gateways, scheduling, multiple programs, lead management, task management, payroll, reporting, and website integrations.

Mark Fawzy said of the fundraising round, “A fundamental aim of Octiv is giving brick and mortar gyms and fitness studios a digital arm to run a seamless and more successful business. We provide the most individualized fitness experience for their subscribers.

Currently, Octiv is available in 27 nations, mainly in Europe. Keet van Zyl, founding partner at Knife Capital, claims that the startup’s ability to enter foreign markets and develop momentum in numerous nations shows that it has great scaling potential.

“Capital efficiency is essential in the current economic environment. We are in awe of Mark and his team for turning Octiv into a lean, recurring-revenue SaaS company while using very little outside funding, he continued.

The global fitness industry is presently valued at $96 billion, has 205,000 facilities globally, and is expected to increase at a 7.1% CAGR from 2022 to 2027, according to a report by Mordor Intelligence.