FitKey is a South African startup that works by enabling users register for a monthly membership to the various gyms and fitness studios in the country. The startup has received funding from angel investors through the Simple Agreement for Future Equity (SAFE). SAFE is a standard developed by the Y Combinator at the Silicon Valley meant for reducing the all too often onerous and expensive management of terms of the deals.
The angel investor that funded FitKey is Justin Stanford, a co-founder and Managing Director at 4Di Group. Justin’s company is an investment management group and a family office. Fitkey works by connecting its users to the yoga classes, dance, circuit training, CrosffFit events happening in South Africa.
The medium for raising the funds, SAFE is best described as the evolution of convertible notes that exemplifies equality between the angel investors and the company’s founders.
Evan Walther, a co-founder of FitKey had the following to say about the opportunity accorded to them by Justin as cited by Techloy:
“It is a six-figure amount in South African Rand and to date, Justin’s largest investment for comparable businesses at FitKey’s stage of development. The exact amount is not being disclosed. Justin invested because he saw the opportunity for a South African business with big growth potential, which solves an existing problem that people already understand.”
If you want to use the FitKey app, you must request for an invite from the FitKey.co.za website, before proceeding to Google Play and App Store to download the app.
Other than the fact that he is an angel investor for FitKey, Justin is also a seasoned Cape Town entrepreneur and venture capitalist with admirable accomplishments. Justin is best known for being the founder of a pan-African internet software company that he started in his garage in the suburbs of Cape Town. When growing his business, he went through years of struggles and false starts before the company took off.