Revoola, a FitTech company has been successful in its application to join business incubator SETSquared’s Scale-Up programme. Revoola is the developer of an interactive Mind & Body fitness app, plus a wide range of interactive multi-disciplined fitness classes – streamed live or on demand – via smartphone or tablet
“This is fantastic news for us,” said Mark Williams, Revoola’s co-founder. “SETSquared has twice ranked as the Global No. 1 business incubator, helping businesses like Revoola make that all-important transition from having a great idea and turning it into a thriving business.”
Revoola allows users to track, share and compare their effort across any physical activity indoors or out. The exclusive Revoola Effort Value “REV” allows users to measure and compete on an equal basis, regardless of fitness level, age, sex or weight. The unique app also provides a mental health toolkit for all users to keep track of their mindful activities via Revoola Mindful Minutes “RMM”.
Developed in partnership with leading sports scientists, an essential element to Revoola is its unique and patentable “REV” which offers users a golf-style handicapping system, allowing participants of all levels the opportunity to compete on equally, irrespective of type of exercise, age, weight, sex, fitness level etc.
SETSquared is a unique enterprise partnership and a dynamic collaboration between the leading five research-led UK universities: Bath, Bristol, Exeter, Southampton and Surrey.
Since 2002, over 6500 companies have participated in SETSquared programmes – from incubation to scale-up. With its help, over £1.8 billion of investment has been raised and 10,900 jobs have been created resulting in a £8.6 billion gross value added (GVA) contribution to the wider economy.
“Being part of the SETSquared Scale-Up programme provides Revoola with a single gateway to academic excellence and expertise. The programme provides expert support around how to submit the best collaborative bids between scaling companies like us and potential university partners, as well as offering a range of investment activities,” said Williams.
Revoola proposed three R&D projects to the SETSquared Scale-Up programme, each with the potential to attract funding of between £500K and £1 million, and hopes to participate in the business incubator’s investor event to be held in October 2019 at the London offices of KPMG.
“This event will be key for us. We will be given the opportunity to present along with three to five other businesses all looking to raise between £1-£10 million, to over 200 pre-qualified angel and institutional investors, with a bias towards institutional investment.”
“SETSquared has an enviable reputation for helping secure investment for their partner businesses, so our acceptance onto its Scale-Up programme is the best possible news for us. In addition to investment in Revoola’s R&D projects, our partnership with SETSquared has the possibility to accelerate the development of additional IP, secure our next round of investment and to connect us to potential major customers in the UK and beyond,” said Williams.