Exclusive: 1Rebel gym chain hits £1.15m crowdfunding target in 11 days

Fitness startup 1Rebel has raised more than £1m of investor capital for its fledgling business in under two weeks, thanks to an innovative crowdfunding venture.

The company launched on crowdfunding site Crowd Cube on 1 July, offering the public the chance to invest in the venture – a chain of high intensity studios using the ‘pay as you train’ business model – with 27.65 per cent of total equity up for grabs in return for £1.15m. Having hit the target late last week, the total had reached £1.19m as of this morning (16 July), with still 40 days left of the company’s website listing. So far, 188 investors have bought equity in the company, with the largest bidder pledging £575,000.

Operations director Kevin Yates described the response on Crowd Cube as “overwhelming” and said that despite 1Rebel reaching its target early, investors can still grab a slice of the action as further equity is available in return for capital.

The brainchild of James Balfour - son of Fitness First co-founder Mike - and leisure start-up specialist Giles Dean, 1Rebel will comprise a range of boutique fitness studios solely focused on high intensity training. The first site has been secured in central London and is set to launch in October, with Yates revealing that visuals will be released within the next two weeks.