The people
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Working at Silofit
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2021 Canadian Rocketship Companies - Silofit
Watch on YouTube ↗Silofit and Whitecap Ventures
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About
Wilfred Valenta had worked at Dialogue, Breather and Building Stack before starting Silofit, and told TechTO's Canadian Rocketship Companies in August 2021 that the idea came from travelling for sales work and not wanting to pay for a gym membership he never used. The model was a network of small private rooms unlocked by PIN code; the strongest use turned out to be personal trainers booking space to see clients, which pushed the company toward being a business platform for fitness professionals. It operated 18 micro-gyms across Montréal, Toronto and Miami before closing.
Backers
Raised a $10M USD Series A in 2021 with $2M of debt from Silicon Valley Bank; investors not confirmed here
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Quick answers
What was Silofit?
A network of private micro-gyms in converted small office spaces, booked by the hour through an app and unlocked with a PIN code. Personal trainers, kinesiologists and massage therapists used the rooms to see their own clients.
Is Silofit still operating?
No. Co-founder Wilfred Valenta announced the shutdown in August 2023, closing 18 locations in Canada and the US. Its website no longer resolves.
Why did it close?
Valenta cited prolonged COVID-19 gym closures, changed consumer behaviour and increased competition, compounded by rising interest rates and cooled investor interest.