Highlights

MOB CYCLE is the ultimate, full-body indoor cycling workout. Cyclers ride to the beat of the music in a high energy, inspirational environment with the best fitness talents guiding the class. With the goal of combining cardio and culture, riders sweat out life’s challenges in unison, as a community, as a MOB. The first studio is slated for Salt Lake City, with additional plans to expand throughout the Mountain West region (Utah, Nevada, Colorado, Idaho and Arizona).

An energetic indoor cycling experience, a “party on a bike”
Boutique fitness is thriving on both coasts, but market is open in Utah and Mountain West
Highly skilled founding team with hometown roots
Industry-best instructors, facilities, bikes, lighting, and sound systems at only $20 per class
This investment is secured by a blanket lien on all assets of the business

Updates
10

Image not found!
MOB CYCLE
February 8, 2019

Kicking off construction!

Over the past month, Megan has spent over 25hrs at the city building ironing out the final issues with our plans. We are excited to say that we will receive our construction permit this week! What a huge milestone in the development of our studio! We have put in countless hours and all our energy to this point, and we’re incredibly excited to start construction. While we are taking a moment to celebrate this huge accomplishment, we still have our eyes forward on the next steps to getting our beautiful studio ready for our city.

Additionally, we’ve completed the first stage of instructor training. While we can’t share the intimate details just yet, our first 3 instructors are logging the hours and doing the work that’s needed to create the best in class instructor experience for the people of Utah. We can’t wait to show you what these inspiring instructors are capable of. Please stay tuned as we anticipate a Spring 2019 opening!

 

Megan standing in front of City Building aka “the castle”. Many hours spent here!

Some of the team looking fierce for the camera

Working out the new water meter details at the Salt Lake City Utilities Department

 

 

 

 

Investment Terms

Issuer
MOB CYCLE, LLC

Type of Offering
Regulation Crowdfunding

Offered By
NextSeed US LLC

Offering Min

$100,000

Offering Max

$175,000

Min Individual Investment

$100

Raised to date

$117,400

Type of Securities

Revenue Sharing Note

Investment Multiple

1.45x

Revenue Sharing Percentage

Up to 4.2%

Maturity 42 months
Payments

Monthly

Security Interest Blanket Lien
Ownership % Represented by Securities

0% Investors will not receive any equity interests in the Issuer or any voting or management rights with respect to the Issuer as a result of an investment in Securities.

View the Issuer's SEC Form C filing

Use of Proceeds

The total project cost of the first MOB CYCLE studio is $337,150, with over $93,000 in equity already pledged.

Funds raised via NextSeed up to the $100,000 minimum will be used to finish the custom build-out of the MOB Studio. Additional capital raised will go towards the purchase and installation of a state-of-the-art Bose commercial sound system and technical light system, along with a front desk, signage and rental shoes. Proceeds will also aid in marketing materials and professional fees.

Company Description

MOB CYCLE is the ultimate, full-body indoor cycling workout. Cyclers ride to the beat of the music in a high energy, inspirational environment with the best fitness talents guiding the class. With the goal of combining cardio and culture, riders sweat out life’s challenges in unison, as a community, as a MOB. The first studio is slated for Salt Lake City, with additional plans to expand throughout the Mountain West region (Utah, Nevada, Colorado, Idaho and Arizona).

Different from other popular cycling programs, MOB is not a meditative experience. Best described as a party on a bike, classes are movement heavy, beat-specific and best enjoyed with others. The program values physical group activity and the idea that we are “stronger together.” Best of all, the workout is suitable for all fitness levels.

At $20 per class, MOB CYCLE is an excellent value in the world of boutique cycling studios. Riders can expect top of the line equipment including Stages SC2 Bikes (industry best) and music from state-of-the-art Bose commercial sound systems. Cycling shoes are available for rental ($2) or to purchase. Instructors are also the best in their field, scouted and specifically trained by owner Megan Tyrrell in Southern California.

In addition to the studio and its 50 bikes, MOB CYCLE patrons can expect unparalleled customer service and five-star amenities including shower, bathroom and vanity areas stocked with towels, hair dryers, straighteners and free toiletries. Each class ends with an ice-cold eucalyptus towel.

MOB CYCLE is more than just a spin studio, it’s a culture. To that end, the founders have brought on talented creatives like architect Randall Larsen to design an experience that’s unique for customers from the second they walk in the door. Larsen will create a clean, minimal studio with space that encourages socializing.

The first MOB CYCLE is expected to open Fall 2018.

Business Model

MOB CYCLE is not reinventing the wheel, so to speak - it has simply made it better. Workouts will consist of 45- and 60-minute classes that are rhythm-based and specifically choreographed to ensure consistency between instructors. By the end of year one, MOB CYCLE plans to offer 40 classes per week.

Cycling classes will cost $20, a very competitive fee for boutique fitness and especially so considering the quality of instructors and amenities. Students and military — with proof of ID — will enjoy an $18 class rate. Riders will also gain loyalty points/rewards for bookings and purchases made online.

Custom MOB CYCLE bikeMarketing efforts will be essential to MOB’s success. Website, social media and email updates will launch six months prior to opening. Targeted advertising and pop-up rides at various events and conferences will launch four months prior. In the two months leading up to MOB’s opening, the studio will book its first press and social influencer rides. As MOB is truly a community experience, the studio’s opening week will celebrate with group events including friends and family rides, social media contests and a live DJ open house.

Rendering of MOB CYCLE lobby and branding

As the business plans to grow across the Mountain West region, MOB apparel will also help to establish the brand. Fitness gear such as leggings, tees and sweatshirts will be available in studio and branded with the MOB logo and its mantras. Shoe rentals will cost $2 per class but MOB will also offer a variety of spin shoes for purchase.

Location Analysis

MOB CYCLE's first location will be located at 134 Regent Street, Suite D, Salt Lake City, UT 84111. 

MOB CYCLE will be located in the heart of downtown Salt Lake City.

Salt Lake City and its surrounding areas have grown considerably in recent years with the upsurgence of a strong tech scene — spearheaded by Adobe and DOMO — and support from the large neighboring universities (University of Utah and BYU). The first MOB Cycle location will be located on Regent Street, in the heart of downtown. Directly adjacent to Main Street – Salt Lake City's most important commercial thoroughfare – Regent Street is in the midst of a dramatic transformation into a new specialty retail and cafe district.

MOB's immediate neighbors will include two landmarks in Salt Lake City's recent downtown urban redevelopment: the 2,500-seat Eccles Theater and 111 Main Street, a 25-story Class A office tower anchored by Goldman Sachs. City Creek Center, a mixed-use development home to 300 housing units, 600,000 square feet of retail and a Marriott hotel is directly next door.

Utah is a relatively untapped market for boutique fitness, particularly that of the booming indoor cycling variety. In fact, only two boutique spin studios exist in all of Utah at the moment. Fortunately, MOB excels with its elite instructors, 5-star customer service and upscale amenities, something these other studios cannot boast.

Wellness communities like MOB CYCLE play an essential and positive role in community ecosystems. The Mountain West region is known for its active demographic and healthy lifestyles. It’s also prone to weather that can change on a dime. By introducing a consistent, superior indoor activity in an untapped market, MOB is uniquely positioned to succeed.

History

August 2017
MOB acquires its first early stage investor
August 2017
MOB teams up with award-winning creative director Jacob Irwin to create brand identity
November 2017
MOB chosen to presented at Deal Forum seminar for budding entrepreneurs in Salt Lake City
December 2017
MOB teams up with renowned architect Randall Larson for studio designs and planning
February 2018
MOB invited to be part of Investors Choice, VC seminar hosted by VentureCapital.org
March 2018
Final site selection in Salt Lake City
December 2018
Anticipated opening of first MOB CYCLE location

Meet the Team

Image not found!
Megan Tyrrell
Founder & CEO

Megan is a fitness professional with over ten years of experience in the industry. She previously partnered in and launched POPcycle 2.0, a boutique indoor cycling boutique studio in Laguna Beach, CA. Simultaneously, she held three key positions: Lead Instructor, Director of Instructor Certification and General Manager. Her proficiency in the fitness industry extends to talent management, operations and finance, in addition to teaching and training. Having cultivated fun, magnetic cultures with five-star customer service, Megan can’t wait to now bring her vision and talents to her home state of Utah.

Powered by Froala Editor

Image not found!
Richmond Tyrrell
Chief Operations Officer

Richmond is a senior producer at an award-winning design, branding and technology innovation agency in Southern California. Over the course of a ten-year career in management, marketing and design, he has worked alongside blue chip brands including VIZIO, Oakley and Verizon. At MOB CYCLE, Richmond is combining his passion for fitness with deep knowledge in business design and development, project management and financial modeling. His goal is to develop and implement scalable processes that will allow MOB CYCLE to replicate its client experience in additional locations. Richmond is also a Utah native.

Bonus Rewards

Early Bird Reward
0 remaining
First 50 investors who invest $500 or more will receive:
  • One Month Unlimited Classes + Shoe Rentals
Invest

$500+

  • 5 Class Series + 5 free Shoe Rentals
Invest

$1,000+

  • 10 Class Series + 10 free Shoe Rentals
  • $50 Gift Certificate (in-store redemption only)
Invest

$2,500+

  • 20 Class Series + 20 free Shoe Rentals
  • $100 Gift Certificate (in-store redemption only)
Invest

$5,000+

  • Name on Contributor Webpage
  • $100 Gift Certificate (in-store redemption only)
  • 50 Class Series + 50 free Shoe Rentals
Invest

$10,000+

  • Name on Contributor Webpage
  • A private, customized group class, tailored to your group’s needs – 50 of your closest friends/family/employees/team ($1,000 value)
  • MOB CYCLE Swag Bag – Includes branded merchandise such as a bag, Goldsheep leggings or Spirit Jersey top, Swell bottle, individually wrapped hand towels infused with essential oils (lavender & lemon).
  • 100 Class Series + 100 free Shoe Rentals

Gallery

Documents

Revenue Sharing Summary

Once the Issuer commences operations, it will share a percentage of each month’s gross revenue with the investors as a group until they are paid in full.

Each investor will receive its proportionate share of the monthly payments made to the investors as a group.

EXAMPLE:

Gross revenue in month X
$100,000

Scenario 1:

Let’s assume that the total amount raised through this offering is $150,000 and the issuer is committed to sharing 4.25% of its gross revenue.

Revenue sharing percentage
4.25%
Total payment for month X
$4,250

If Investor A invested $1,500 of the $150,000 that was raised by the Issuer, Investor A is entitled to receive 1.0% of the $4,250 paid to investors for month X. Therefore, Investor A is paid $42.50 for month X.

*The calculations above are mathematical illustration only and may not reflect actual performance. They do not take into account NextSeed fees of 1% on each payment made to investors. The exact length of time that it will take the Issuer to pay each investor in full cannot be known in advance since the Issuer's actual revenues may differ from its reasonable forecasts. If any balance remains outstanding on the maturity date, the Issuer is contractually required to promptly pay the entire outstanding balance due to each investor. Payment is not guaranteed or insured and investors may lose some or all of the principal invested if the Issuer cannot make its payments.

Comments

In order to leave comments, please sign up and verify your identity.

Sign Up
Test1
test...teset

Issuer Statement

The information contained on this campaign page (the "Campaign Information") is furnished solely by the Issuer to prospective investors in the investment opportunity described herein. All Campaign Information is intended to be a summary of the terms and information contained in the Disclosure Statement and the Note Purchase Agreement, and is fully qualified by reference to those documents. In the event any Campaign Information conflicts with the terms of the Disclosure Statement or Note Purchase Agreement, the terms of those documents will control. The Issuer has provided the Campaign Information for inclusion on the website located at www.nextseed.com, and in no way will the Campaign Information be deemed to have been created or provided by NextSeed Securities, LLC, NextSeed Services, LLC, or their affiliates.