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Perlman and Pasternak advise Silofit on microgym rollout after US$12m investment

Silofit has raised a total of US$12.25m of funding
The investment will support its plans to expand its network of microgyms into key US markets
Canada-based firm currently has 20 "Silos" across Montreal and Toronto
It now plans to create 50 Silos across five US cities
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Silofit has raised a total of US$12.25m of funding, which it will invest in establishing a network of microgyms in key US markets.

The Canadian company turns small office spaces into high-end, private microgyms – which it calls "silos” – which are then used by fitness trainers and their clients, as well as individual gym-goers.

Silofit currently has 20 locations across Montreal and Toronto in Canada and more than 12,000 users and 3,000 trainers who are active on the Silofit app.

The funding is a combination of a US$10.25 Series A round, led by Whitecap Venture Partners and US$2m (CAD$2.5m) worth of debt financing from Silicon Valley Bank.

New investors in the funding round have also provided Silofit with strategic fitness support, with Zumba Fitness founder Alberto Perlman and celebrity trainer and nutritionist Harley Pasternak joining the company as strategic advisors – providing support relating to personal training, gym design, and certification.

The Series A brings the total funds raised by Silofit to date to CAD$19.4m.

The company will use the new funds to support its expansion to the US market, which includes opening 50 new Silos across five US cities, beginning with Miami and Chicago.

Silofit will also be establishing a new, US headquarters in Miami.

Wilfred Valenta, CEO and co-founder of Silofit, said: “This is an exciting time for Silofit with three investors returning for this round of funding, plus the strategic and influential support of notable new investors as we establish Miami as our US headquarters and the first city for our US expansion."

Silofit has also signed a commercial agreement with Technogym, which will see Silofit exclusively use Technogym equipment.

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Silofit has raised a total of US$12.25m of funding, which it will invest in establishing a network of microgyms in key US markets.
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