As at 2015 when Foluso Ogunwale broached the idea of i-Fitness, he was foraying into an uncharted territory. The health and wellness industry in Nigeria was nearly non-existent. But immediately he launched i-Fitness, he didn’t know that he was laying the groundwork for a fitness revolution. Ogunwale navigated through initial market scepticism and financing challenges to establish a brand which has now turned into a gym chain with 20 branches across Nigeria.
With i-Fitness, Ogunwale has been able to address a gap in the market for affordable and conveniently located fitness centres. But he still wants to do more. To make fitness common, more convenient, and more importantly, making it an integral part of the urban lifestyle, Ogunwale has succeeded in securing a landmark investment deal with Verod, a leading prominent African investment management firm, specialising in private equity and venture capital.
This investment is the most recent investment from the Verod Capital Growth Fund III, marking the sixth addition to the fund’s portfolio. The new capital infusion will empower i-Fitness to diversify its service offerings and expand across West Africa. Central to this strategy is the opening of new branches, revamping its present facilities and providing best-in-class fitness services that are member-focused. i-Fitness has a subscriber base of over 26,000 members who benefit from cutting-edge facilities, the expertise of over 250 certified personal trainers and over 50 varied monthly fitness classes per branch. With over 750 jobs created already, i-Fitness will be creating more than 1,000 more jobs within the first 24 months with this partnership.