Fitness start-up 1Rebel raises £1.5 million on Crowdcube

New fitness venture 1Rebel has successfully raised £1,559,370 on equity crowdfunding platform Crowdcube. Having reached its original £1.15 million target just 11 days after its pitch went live, 1Rebel went on to exceed it by 136 percent.

Founded by the team behind Fitness First and Jatomi Fitness, James Balfour and Giles Dean, the business will launch a chain of contract-free ‘high intensity’ boutique gyms in London, which allow members to book classes online and via an app on a pay-as-you-go basis. Its pitch attracted the attention of 304 investors, who have backed the business in return for a 34% equity stake. The first 1Rebel gym is scheduled to open in Shoreditch in the winter of this year.

Crowdcube has raised more than £37m in finance for 143 UK start-ups and growing businesses since it launched in 2011. The world’s first and biggest online equity crowdfunding platform, it allows members of the public and high net worth individuals to invest in businesses that inspire them, in exchange for shares. The public decides which businesses fund and which do not, so the ‘wisdom of the crowd’ prevails. Equity crowdfunding is now a mainstream source of capital for many businesses.