Spanish startup 8fit has not been around long, having launched 2 years ago, but the company’s growth has taken off like a rocket, as they now claim 2.5 million users. So, we wanted to give them a look.
8fit has taken the approach of providing meal and exercise plans that will help people to get into shape by gradually losing weight and generally boosting their health. Their guide is worth a read, as it lays everything out, but basically, they tell users that they do not need to buy any special equipment, go to the gym, or embrace some crazy diet, but can cut the fat by doing short, intense workout sessions and cutting certain items out of their daily food intake. What is notable about this program is that they help users to not only lose weight, but also build muscle in the process. The programs can be tailored to the user’s needs and it allows them to track their progress.
The startup tells me that they generate revenue by offering premium programs and meal plans. Users can take advantage of the app for free or get the pro plan, ranging from $14.99 for one month to $59.99 for an annual package (there are 4 price levels, differing in terms of subscription-period).
8fit has thus far released an app for Android, which maintains a rating of 4.5 stars (out of 5) from 9,930 reviewers, and iOS, where it maintains a rating of 4.5 stars (out of 5) from 2,912 reviewers.
In terms of funding, the company has backing from VitaminaK, Mark Evans and “a handful of angel investors”, to the tune of $2.5 million. They also report having picked up an equity loan from the Support Program for Technology Entrepreneurs of the Canary Islands JEREMIE Fund and says that it has been 85% co-funded by the European Regional Development Fund from the Canary Islands 2007-13 ERDF Operational Program.