PushPress Aims To Support Gym Owners by Securing $11 Million in Funding
PushPress has just taken another step to support gym owners. The company has secured $11 million in Series A funding that will help it grow, build better products, and further educate its clients.
The details: The efforts actually began back in November 2021. PushPress founder Dan Uyemura worked on the fundraiser on Thanksgiving Day, which included researching the thousands of potential investors and determining which would be the best possible fit.
- Altos Ventures led the Series A fundraising along with some participation from Mucker Capital. Both companies chose to lend their support–and money–after noting the relationship between PushPress and the list of clients.
- “When we first evaluated PushPress, the passion they had for their customers really stood out,” said William Hsu, Mucker Capital co-founder. “Upon interviewing hundreds of their clients, we found that PushPress had one of the highest customer satisfaction rates and advocacy of any company we’ve seen in the SMB software space.”
Using the money: With $11 million secure, PushPress will aim to make significant moves across the board to further benefit the clients. One item on the “to-do list” will be further developing PresslyTM, the artificial intelligence product that the company unveiled in April 2022.
- The money will also go to directly addressing “client pain points” and making the gym management process more streamlined.
- As Uyemura explained in March, Some people at PushPress have run gyms, so they have firsthand knowledge about which procedures can be more difficult.
Specific details: This round of funding will provide PushPress with the opportunity to “focus on improving automated lead engagement with PushPress Grow, increasing community management with PushPress Core, expanding workout tracking and delivery with PushPress Train, and developing integrations with other leading applications to help fitness business owners access the best solutions in the industry.”
- Uyemura: “This funding is a testament to the incredible team and world-class products at PushPress. Despite this challenging economic environment, where others are cutting back on investments, we are able to double down for the benefit of our clients and make the future of fitness business ownership even better. I’m grateful to Altos for understanding and supporting our vision.”
A consistent track record: Finding ways to support gyms is nothing new for PushPress. The company has done so multiple times, including during a very trying year. The company secured a PPP (Paycheck Protection Program) loan when COVID hit, which allowed them to both retain employees and further support others in need.
- “That PPP loan allowed us to extend our runway with our employees to a point where some of the money that we had in the bank wasn’t as impacted,” Uyemura said in March 2022. “And we were able to create our own grant for gyms.”
- “And we gave away a whole bunch of money to gym owners, PushPress clients, and non-PushPress clients who illustrated their need for money and what they were doing in their communities and how impactful COVID was to them.”