Bonside Secures $100M, Looks To Scale Fitness & Wellness Locations

Bonside, a New York-based fintech firm serving brick-and-mortar businesses whose portfolio includes Natural Pilates, Y7, Wundabar, F45 Training, Amped Fitness and Evolve Med Spa, has formed a $100 million strategic partnership with global investment firm i80 Group.

Roughly 40 to 50% of the funds are slated for health, wellness and fitness concepts, including boutique studios, large-format gyms, medspas, sports entertainment venues and health-centric food services, ATN has learned.

Bonside also expects to fund businesses in longevity care and fertility care.

The investment brings Bonside’s total available capital to more than $130 million and will accelerate funding for multi-unit operators looking to scale.

Growth and funding plans

The firm targets operators with at least three open locations in the U.S., focusing on service-based concepts that rely on physical storefronts. Bonside says growth checks can reach $1.5 million per concept, with up to $5 million in total funding.

Looking ahead, the capital could support 150 to 250 transactions nationwide and help open hundreds of new storefronts, the company says. To date, Bonside has deployed $30 million across more than 50 transactions, representing more than $775 million in run-rate revenue and more than 300 doors.

The funding aligns with a broader boom in brick-and-mortar fitness services, with the global fitness club market expected to more than double by 2034, according to recent research from Allied Market Research.

Market trends and demand

A similar trend is seen in the U.S. spa sector, as demand for wellness and longevity experiences grows. The trend is visible in medspas, too, such as Beverly Hills Rejuvenation Center, which is expanding with longevity care and diagnostic services. The franchise intends to scale beyond its 24 locations in the U.S.

According to Dylan Mark, senior vice president at i80 Group, many high-quality brick-and-mortar businesses lack access to efficient financing for their growth goals.

“Bonside has developed an innovative capital and technology product to underwrite the nuances of the sector,” he said. “We are excited to be supporting Bonside’s expansion.”

The financing product Mark refers to is Bonside’s “Repeatable Revenue Agreement,” which is underwritten by the company’s “Scorecard.” The Scorecard analyzes accounting data and weighs more than 20 industry-specific metrics to assess financial and operational performance. Operators can share Scorecard outputs when seeking new locations, which Bonside says helps streamline diligence processes and reduce friction tied to leasing and expansion. The system has driven all of Bonside’s investments to date, with zero defaults reported and returns exceeding multi-year targets.

“In recent years, the health and wellness industry has seen explosive growth driven by a general culture shift towards personal care,” Bonside founder Neha Govindraj said. “We’re thrilled to continue capitalizing the growth of these repeatable, consistent physical concepts via new locations.”

The partnership follows Bonside’s strategic equity investments from Kimco Realty and Nuveen Real Estate, announced in May.