UK-based gym chain Gymbox has received a £10m ($17.1m) investment from The British Growth fund (BGF), the UK venture fund backed by five of the country’s major banking groups.
Founded in 2000, Gymbox runs a chain of boutique gyms in London. The funding will be used to fuel its expansion into new locations across London and other British cities.
The Gymbox funding represents the second fitness investment from BGF, after it provided £5m ($8.6m) for low-cost gym chain Xercise4Less last year. Following the deal, Alistair Brew, investment director for BGF, will join the Gymvox board.
Gymbox previously raised $2m from venture capital firm Octopus Ventures in 2010.