Together with the brains from DoubleClick, Skype and Gumtree, SyndicateRoom members invested £276,915 in January 2016 to cover the design, development and marketing for Racefully: an app that uses patent-pending technology to combine friends with fitness.
The fitness industry is leading the way in smart and wearable technology; 248 million fitness tracking apps are expected to be installed by 2017, and there have already been a number of major acquisitions. But people exercise for different reasons, and solitary activity trackers are becoming monotonous and stale.
Using patent-pending technology, Racefully allows users to track their own workouts against friends, coaches and celebrities. With the ability to account for differences in route, gradient and conditions, Racefully provides a more meaningful comparison, even if users are exercising at different times. The app is capable of working in real-time, both on and offline.
While Racefully currently specialises in running, the company plans to move into other mass-participation sports and fitness activities including cycling, swimming and rowing. Revenues will derive from consumer in-app purchases, branded content channels, a coaching platform and data licensing.
SyndicateRoom members invested alongside lead investor Matt Colebourne, the former Managing Director (International) of DoubleClick, as well as the former global COO of Skype and the former UK MD of Gumtree. All investors receive a special investor edition of the Racefully iOS app with the live racing, group running, and race reporting features unlocked for life, along with VIP access to future enhancements.
After just over a month, Racefully had 700 people signed up for access when available, with new sign ups growing at 10% per week.
Racefully’s app is already in alpha. It has IP protection in place and a team to deliver the business. As of January 2016, Racefully is finalising a contract with a major partner, and has an in-principle agreement in place to license Racefully’s technology to a global fitness machine manufacturer.
August 2017 update
Racefully co-founders David Naylor and Chris Pointon recently sat with SyndicateRoom to discuss the progress made since raising funds on the platform in early 2016. A year and a half on from the raise, they ran through the latest company updates and additions to the Racefully team, taking the opportunity to introduce the multi-talented Laurie Benson. SyndicateRoom investor Ross Middleton also features, giving an insight into the benefits he has discovered from using the app, and the exciting prospects for the company's future.