Role: 1145

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A Non-Executive IT/Software Director is required for our client in the leisure and fitness sector, Stance Fitness Limited, based in Imperial College, London.

The business concept is to be the Peloton of resistance training for the home gym markets, replacing heavy weights stacks with a unique electromagnetic resistance technology that offers multiple exercises, data analysis and connectivity to online communities and personal trainers.

The company is looking to strengthen their current Board with the appointment of up to five Non-Executive Directors to contribute to the growth of the company. 

The Non-Executive Directors will be encouraged to become a shareholder in the company to align the incoming Non-Executives interest with that of the existing Directors who are or plan to become shareholders.

Business Concept:

  • Stance is developing a sophisticated alternative to traditional home gym equipment with an ergonomically designed, lightweight and compact unit that uses real time data.
  • Stance offers hardware that is either wall or floor mounted, that is elegant when not in use.
  • The unit uses unique electromagnetic resistance technology to replace heavy weights, incorporates intelligent data collection through smart handles and is designed to enable multiple exercises.
  • The software records biometric data; can record workouts and allows a user to set and achieve goals.

 

Market & Opportunity: 

  • The global fitness market is 1.2 billion people who workout regularly.
  • $100 billion global health club and fitness market.
  • $31 billion global home gym market 2025.
  • 5% CAGR 2021 – 2026 for home gym market.

 

Investment Plan: 

  • Stance Fitness are looking to raise see capital of £350k to reach their first milestone of MVP:
    • Software £101,500
    • Hardware £150,500
    • Operations £38,500
    • Marketing £59,500

 

Non-Exec Director Role/Requirements/Expertise:

  • IT Software Development in a growth company (plc not necessary) who has experience of mobile applications with SaaS as a bolt on and understand software and architecture strategy - ideally with a background in the fitness or leisure sector.
  • Understanding of an early stage/start-up business.
  • Suggested initial investment of £25k minimum.
  • Sufficient time to prepare well and attend Board and Strategy meetings.
  • It is expected that the role will require approximately 2 days per month – more in the early stages.
  • The Non-Executive will be encouraged to become a shareholder in the company to align the incoming Non-Exec’s interest with that of the existing Directors who are all shareholders. The company is registered for the SEIS/EIS scheme which provides 30% tax relief and up to 100% capital gains relief subject to status.

 

 Closing date for applications: Friday, 9th July 2021

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