Silofit
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Silofit was a Montreal fitness startup founded in 2018 by Wilfred Valenta, Johan Rosell and Adrien Caranta. It built the worlds first network of private, on-demand micro-gyms: small office spaces converted into 54-square-metre studios that personal trainers and individual users could rent by the hour through its app. It raised about $14.9 million and expanded to 20 locations across Toronto and Montreal plus four in Florida.
02 / Silofit FAILURE REASONS
Failure reasons
Silofit shut down in August 2023 after running out of runway. Despite a $10.25 million Series A in 2021 and plans for 50 US locations, the capital-intensive model of signing five-to-ten-year leases and renovating each space could not be sustained as the tech sector downturn dried up follow-on funding. It cut 100 percent of its workforce on August 2, 2023 and closed its 18 micro-gyms.
03 / EVENT HISTORY
Events in the structured record
- Company founded
Wilfred Valenta, Johan Rosell and Adrien Caranta found Silofit in Montreal to rent private micro-gyms by the hour.
- Peak funding round
Silofit raises a $10.25 million Series A in July 2021 to fund US expansion, opening its first Florida silos in 2022.
- Operations ended
In August 2023 Silofit cuts 100 percent of its workforce and shuts down, closing its 18 micro-gyms in Canada and the US.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Private micro-gyms rented hourly via app
- 02
Founded 2018 in Montreal
- 03
$10.25M Series A Jul 2021; 20+ locations
- 04
Shut down Aug 2023; 100% workforce cut