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Contxto – Chilean BoxMagic worked its own magic to raise a seed round for US$225,000 courtesy of unnamed angel investors from the United States, according to Pitch Book.
The deal was closed in late March and the announcement was made on April 1.
An accomplishment achieved just in the nick of time too, considering that this startup tenders to gym and fitness center management. And, as you know, many of these locales have been shut down due to the coronavirus (Covid-19) pandemic.
Thanks to the investment, the startup can move forward with its expansion into Colombia, Brazil, Mexico, and the United States.
On the importance of accelerators
BoxMagic participated in a US-based accelerator known as Queen City Fintech from September to November of 2019. It was the only startup from Latin America to be chosen for the program’s 11th edition and for this merit, it raised US$40,000.
But besides initial money coming BoxMagic’s way, it was during its 12-week stay that the startup met with the investors who would later on contribute to its seed round.
Weeding out the wimps from the fit?
Like other startups including Peru’s Fitco and Brazil’s Gympass, Chilean BoxMagic also prepared for the pandemic by transferring its fitness services onto a digital medium.
Halfway through March, it released a streaming service so users can stay in shape as they stay at home. Through this new platform, fitness instructors can hold their classes live and online while students book their slot.
In any case many are getting creative to work up a sweat at home:
Just as recessions filter startups so the stronger ones survive, the fitness industry too is being forced to innovate. And like many others, it largely relied on physical locations and in-person contact to operate.
Gyms and trainers are breaking a sweat to use tech and social media to stay in touch with their customers. Reluctance to do so, or inability to because special equipment is required forces many to tighten their belts.
And even that doesn’t guarantee they’ll make it through.
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