Spot Signs Term Sheet with NeoTerra Capital for Pre-Seed Funding
*Capital raise anticipated to bring in $3 million for future growth*
*ORLANDO, FL / ACCESSWIRE / October 24, 2023 / *Spot Social Fitness, maker of the Spot app, has announced the signing of a term sheet with venture capital firm NeoTerra Capital to lead a pre-seed investment round.
Austin, Texas-based VC NeoTerra Capital is kicking the round off with a pledged $500,000 special purpose investment vehicle (SPV), with the total raise anticipated to be $3 million.
NeoTerra Capital's Managing Director Chris Piedmonte expressed his enthusiasm for the partnership.
"Spot is much more than a fitness app; it's a community catalyst that disrupts the norm, both in terms of user engagement and business dynamics," he said. "This investment aligns perfectly with our goal at NeoTerra of helping accelerate the growth of brands that do things differently and have the potential to drastically alter, or even broaden, the landscape of their vertical."
To date, Spot has previously raised $510,000 in angel round funding from local, Orlando-based accredited investors.
As a transformative player in the fitness app landscape, Spot aims to eliminate obstacles to getting active by providing personalized recommendations, finding activity partners, and scheduling a calendar event for all involved.
The app serves a dual purpose:
· Enables users to find and connect with local fitness options and partners.
· Offers businesses a powerful marketing platform.
With over 30 different fitness interests supported, Spot stands out for its versatility and commitment to serving a broad spectrum of the fitness community.
Spot has shown impressive metrics since its proof-of-concept launch in Central Florida. The app's pilot marketing campaign after launch rapidly led to a few thousand local users, at less than half the cost of the industry average acquisition costs with more than double industry-standard retention.
"Our initial launch helped validate that our product messaging offers something people want, and our retention shows we're already at a place where users want to stick around," said Nir Evanhaim, CMO, Spot. "Next up, we will be building some of the features customers are asking for, like an activity planner, and start bringing the B2B side into the ecosystem to expand our ability to personalize an active lifestyle for each user."
The funds raised in this latest round will be utilized for engineering key B2B monetization features within the Spot App, launching Spot's website, adding personalized push notifications, and developing a sales pipeline, among other operational expenses.
"The financial acuity of the team since inception has allowed us to build not just an app, but a community platform," explained Donna Rayburn, CFO, Spot. "We know that the only way to stay active is to make it fun, easy to do and build social relationships. This is something that NeoTerra saw the value in right away."
Along with announcing this partnership with NeoTerra Capital, Spot has been accepted into the Starter Studio Accelerator and is working toward completing the program at the end of 2023, aligning with ongoing preparations for rapid growth in 2024.
Spot is a client of the UCF Business Incubation Program, operating out of the East Colonial Office.
For more information about Spot Social Fitness, please contact CEO Adam Ben-Evi: adam@spotfitness.app
*About Spot Fitness*
Spot Fitness is the maker of the Spot social fitness app, designed to help people build a social support network that strengthens their active lifestyle goals. With Spot, you can find places to go, things to do, and people to meet - all in your area and based on your interests. Easily find an open basketball game to join, a kayaking partner, or even start a weekly running group. Remember - fitness success is about social support!
Visit Spot at www.spotfitness.app
Follow Spot on Facebook: www.facebook.com/spotfitnessapp
Follow Spot on Instagram: www.instagram.com/spotfitnessapp
*Cautionary Note Regarding Forward-Looking Statements Pursuant to the U.S. Private Securities Litigation Reform Act of 1995*
The above statements and other publicly available documents contain, and our officers, agents and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 with respect to the Company. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, publicly available statements made by or relating to one or more investors which have expressed an interest in investing in the company. There is no guarantee that any such investment will occur. Other examples include statements about the company's future valuation. Examples of forward-looking statements also include strategies for growth and product development which, especially in the case of companies that are attempting to commercialize emerging technologies, are inherently uncertain. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made by us in this document is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
*Contact:*
Adam Ben-Evi
CEO
Adam@SpotFitness.app
www.SpotFitness.app
*SOURCE: *Spot Social Fitness, Inc
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