Defiance Ventures, the Charlotte-based venture builder, today announced its investment in Boxmagic. Boxmagic is a software platform for gym and sports facility owners that helps manage day-to-day operations, field reservations, enables online payments and e-commerce sales, and as of March 2020 allows gyms to stream classes to their members. While Boxmagic is headquartered in Charlotte, NC, Boxmagic currently serves the Latin American market.
“Understanding gym owners’ pain points comes naturally to Kyle as a former gym owner and competitive CrossFit athlete herself. She and her team have identified an underserved market and constructed a world class product to meet their needs. We believe strong growth is in their future as they are in an excellent place to become the prominent gym software throughout Latin America,” said John Espey, co-founder and CEO of Defiance Ventures.
The Latin American gym market is the largest in the world and is quickly garnering the attention of a global audience. Defiance’s investment in Boxmagic comes on the heels of the June 2021 announcement of Gympass’s $220 million dollar Series E round, achieving a $2.2 billion dollar valuation. Gympass’s growth, a universal membership application which launched in Brazil and focused on selling directly to employers, shows how prominent the Latin American market has become in the fit-tech space. Boxmagic is currently working with Gympass to finalize an integration that will allow Boxmagic gyms to seamlessly accept Gympass memberships.
Boxmagic launched in Chile in 2017 and is currently focused on expanding to Mexico, Colombia, Brazil, and the United States. While the pandemic curbed the growth of many fitness related companies, Boxmagic enabled continuous revenue generation for gyms with the addition of online streaming and outdoor field reservations, despite gyms in its home market of Chile being shut down. Many gyms have just recently been allowed to open again, spurring growth and promise for Boxmagic’s future.
“As a founder, I’ve tried to bring on investors that have expertise and knowledge of the fitness industry, or building B2B companies. And as a human, I look for investors that share our core values and commitment to diversity and inclusion. All of these things make Defiance a fantastic fit for us, and we are truly honored to have them invest in this round.
During the pandemic we doubled down on our core product, we rebranded and we focused on building a stronger and more efficient company. Now, coming out on the other side, we’re well positioned to hit the ground running. This investment comes at the perfect time to come out aggressively and go after market share in Latin America” said Kyle Hepp, founder and CEO of Boxmagic.
About Defiance Ventures
Defiance Ventures is a venture builder focused on B2B enterprise technology companies. It combines capital and early stage investment expertise with real world capabilities spanning marketing, branding, sales, application development, and cloud architecture to help its portfolio of technology companies to disrupt their respective industries. Visit https://defianceventures.com/
Founded in 2017 in Santiago, Chile, BoxMagic is a gym management platform tailored to the needs of the Latin American boutique gym owner. BoxMagic enables gym owners to manage their classes and reservations, run competitions, capture new clients via innovative marketing features, deliver robust business data to help guide owners who don’t come from a business background, as well as connect to local online payment solutions in Latin America. With clients spanning from Chile to Ecuador to Mexico, our mission is to democratize the success of the Latin American Fitness Entrepreneur. Visit https://boxmagicapp.com