A start-up which targets Pilates enthusiasts with digitally connected equipment has secured a £3.5m funding boost aimed at fuelling its expansion.
Sky News understands that Belfast-based Reform RX has secured $5.1m in a round led by Clarendon Fund Managers, the equity fund manager for the Investment Fund for Northern Ireland.
Founded in 2018, Reform RX is designed to augment users’ Pilates activity by tracking their movement to within a thousandth of a second, providing them with real-time biometric data.
The company was established by Yvette McGaffin, a functional movement specialist, and Pilates expert Neal McGaffin.
After running a boutique Pilates studio business, they set about designing a Reformer “that looked like a concept Formula One car combined with enhanced functionality”, the company said.
Other investors in the funding round included Bernadette Caulfield, an award-winning television producer who worked on Game of Thrones.
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Employing 10 people, Reform RX is deploying the money it has raised into expanding its presence in gyms, hotels, and other hospitality venues.
Its post-funding valuation was not disclosed.
AdvertisementMs McGaffin, who is Reform RX’s chief executive, said: “Our mission is to transform the way people work out, guiding them beyond physical fitness to a deeper connection with themselves.”
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Claudine Owens, a fund manager at Clarendon, described the Reform RX as “the must-have piece of equipment for every Reformer Pilates enthusiast and studio”.