Whitecap Venture Partners led the round in the Montreal-based company, which rents out small fitness studios by the hour. Silofit also announced US$2 million in debt financing from Silicon Valley Bank. (The Logic)

Talking point: Silofit said in mid-February it was near closing its anticipated US$10-million financing round as it planned an aggressive North American expansion, boosted by higher demand as the pandemic closed gyms and made solo workouts more attractive. It has now raised $19.4 million to date. Silofit, which has 20 micro gyms in Montreal and Toronto, plans to use the money to open 50 more locations in five U.S. cities, starting with Miami and Chicago. It will hire 25 more people, open a U.S. headquarters in Miami and continue developing a fitness marketplace and trainer platform. The company has also signed a commercial agreement with Technogym, where so-called silos will be furnished with the latter’s equipment, allowing Silofit to leverage Technogym’s technology to create a smart-gym experience for users, showcasing real-time exercise and health data in workout spaces and the Silofit app.