In itnig’s Podcast #23 Bernat Farrero, CEO at itnig and Pau Fernández, CFO at itnig share their point of view on Gymforless’ exit. How did the company start, pivot, live the change of CEO and reach an agreement with Sodexo which lead to the sale of the startup last week.

At itnig every Friday we sit down to talk with interesting people whom we meet throughout the week and we make a podcast (in Spanish) out of our conversations. You can listen to it on iTunes, subscribe to our channel on Youtube or enjoy it through iVoox.

For this Podcast #24 dedicated to the story of Gymforless, Bernat Farrero, CEO at itnig, Pau Fernández, CFO at itnig, César Migueláñez, Product Director at Factorial, Roger Dobaño, Product Manager at Quipu and Bettina Gross, Talent Acquisition at itnig come together to talk about the beginning, the pivots and the exit of Gymforless.

https://upscri.be/5c88ff/

Gymforless started out as a flexible model on how to use gym, directed to final consumer offering fitness tracking. Instead of models like Freeletics or 8fit, whom we have previously spoken about here at itnig, Gymforless focussed its tracking on workouts at the gym.

Guillermo Libre started out with the project and from itnig we supported him in tech development and an initial investment. The work on the b2c segment was very intense and it cost us a lot in marketing and customer acquisition, bringing only small margins.

Transition from daily pass to club, membership

With this panorama, Guillermo made a first pivot from a Daily Pass (pay per use) model to a Club Pass (a subscription) model. It was a hard decision, we were scared leaving something behind that was working and it seemed like a dangerous move.

It’s hard to leave something that is working, even though it’s not your core business.

After all, this was a very important change and from the on the project had a new direction. We were adding more features like rewards to work on churn. However this was only the first of many changes the startup would go through.

Guillermo, founder of the project had to leave the project and move to Madrid. In most cases such a change of CEO in an initial phase is the end of the business. Not in Gymforless’ case. Guillermo knew Oriol, current CEO, from working together in the past and he joined Gymforless to lead the startup through the next adventures. Oriol had extensive experience in Sales and B2B.


Pivot to a new direction — going corporate

The next step for Gymforless was a change in its customer target base. We started acquiring companies and offer gym as benefit for employees. The companies were very receptive to offer these kind of benefits and we soon had a working model. Oriol’s experience in B2B Sales helped this pivot from consumer to corporate business tremendously.

This change made the relationships with the gyms easier as well. Gyms no longer saw us as a threat, or cannibalization of their customers.


Listen to our podcast to learn more about Gymforless’ beginning and exit story. Learn more in this Podcast in Spanish on our Youtube channel, listen to it on iTunes or enjoy it through iVoox and subscribe to our newsletter to stay always up to date.

Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

W.

WeWork running out of cash & Faraday on bankruptcy

This is the Newsletter shared on the 21st of October. If you wish to receive newsletter faster, you can subscribe here: https://itnig.net/newsletter ​​

Hi entrepreneur,


After raising €25M, Bnext is opening a new… crowdfunding round! The neobank is quickly growing like many other fintech startups. Don’t lose count and check out the European unicorn landscape.

On the other side of the spectrum, the once-claimed Tesla competitor Faraday files for bankruptcy. Other manufacturers are racing to capture the growing electric vehicle opportunity.

Of course, WeWork also had its show time this week as we got to know that it might run out of cash by mid-November. Oh, and totally unrelated, if you are thinking of changing offices, check out our options available at Itnig😜

– Itnig’s team

Podcast #111: How to boost your startup growth with Glovo and Ulabox

In this week’s podcast, Glovo and Ulabox are two companies having a business model based on a big number of operations. On the one hand, Ulabox is an online supermarket that stocks and ships items everywhere in Spain while Glovo is an on-demand courier service.

In this episode Eduard Cabanas (CFO at Ulabox) and Eduard Ros (CFO at Glovo) answer topics like how to get your company ready to rapidly grow and which metrics to pay close attention to keep on the right path.

This week’s podcast is brought to you by Factorial, the HR software that does all the heavy work for you. Start now managing your company with advance reports, time & attendance signing and muc more!

New funding for startups