After disclosing early this month being the recipient of a strategic investment from the Benvolio Group (Frankfort family), Lew Frankfort and Catterton Partners, Flywheel Sports reports having raised $108.78 million following the successful placement and issuance of its unregistered equity securities. A total of thirty-eight investors participated to the non-brokered placement which started on March 31st. The equity offering’s estimated net proceeds amount to $83.66 million excluding $25.12 million earmarked for the payment of officers’ salaries. No offering was previously initiated by the company under a registration exemption with the SEC.
The company is developing branded indoor cycling studios in the US and abroad. In addition to cycling, many Flywheel studios feature FlyBarre, a total body sculpting class that blends the best of light weight training, dance, and core strengthening exercises.
The company, headquartered in New York NY, is led by Jay Galluzzo (CEO). Flywheel Sports elected to keep its revenues undisclosed.
The executive team includes Ruth Zukerman.
The board of directors includes Ann Kelman, David Seldin, Ernest Odinec, Peter Rummell, Sam Frankfort and Stacey Seldin.
Company: Flywheel Sports
Amount offered: $108.78 million
Amount placed: $108.78 million
First sale: 03-31-2014
Data as of: 04-15-2014
*Somewhat outside Random Research’s sweet spot but the investment amount hasn’t been broadcasted yet.