WellnessLiving, which offers a cloud-based business management software and payments for fitness operators, is working with investment adviser McCarthy Capital to boost its growth, a press release said.
The partnership will work on international expansion for WellnessLiving, along with more product development and more feature building for franchises or multi-location enterprises.
WellnessLiving was founded in 2013 and works on business management software to let owners schedule classes, appointments and events, process payments and add more member engagement.
WellnessLiving co-founder and CEO Len Fridman said McCarthy was selected as a partner because of “their deep understanding of our space, alignment with our vision, and exemplary track record of supporting high growth companies.”
Chase Meyer, a partner with McCarthy, said the company has a “passion” for customer service.
“We believe their customer-centric approach is critical for long-term value creation – both for WellnessLiving and their customers,” Meyer said. “We look forward to partnering with WellnessLiving as they continue to invest in their people and product.”
Fitness and working out is seeing a transformation to more digital realms as most of commerce is, and PYMNTS wrote that it is likely to see an omnichannel direction for the future.
The report noted that there’s a question as to how this will manifest for users. It’s currently yet to be seen as to whether fitness fans will stick with software/hardware bundles from companies like Peloton, or if they’ll make use of a connected ecosystem with numerous countries.
This could see a shift away from the bikes and treadmills bought for home offices during the pandemic.
Peloton has had to cut jobs as of late because of the shifts away from the quarantine mentality, but PYMNTS wrote that a pivot away from that mindset could be necessary due to a fall in subscribers for the company.
The report noted that the software, including various apps and workouts that travel with users anywhere they go, could be the connecting thread between what survives in the fitness space.