Arnulf Refsnes
Founder and Managing Director
Yngvar Andersen
Founder and trainer
Annema Refsnes
Founder and trainer
Ole Petter Hjelle
Founder and trainer
Through technology development, Naardic aims to create the world’s best online fitness training experience.
Parallel to dominating the space in Norway, Naardic will look at opportunities for international growth.
All fitness training classes at Naardic are online and interactive. This means that the trainer sees each participant during the class and can motivate them individually. The classes are a mixture of personal training and live streaming group classes. Our experience shows that its more personal to have online classes than classes in a physical room.
The Naardic concept was first created by Annema Refsnes, one of Norway’s most respected and well-known personal trainers. However personal training with a well-known trainer is expensive and few have the access. Naardic enables the experience of a personal trainer in your own home and is much more affordable.
To realise the Naardic vision, Annema initiated a partnership with Agilis, Yngvar Andersen and Ole Petter Hjelle.
Agilis A/S is led by Arnulf Refsnes and is a strategy consulting and high-end IT development company. Agilis has a proven ability to create excellent digital user experiences.
Yngvar Andersen og Ole Petter Hjelle Yngvar Andersen and Ole Petter Hjelle contribute with their communication skills and knowledge about training and are perfect co-founders to realise Naardic.
After a pilot period, Naardic was launched in August 2020. Naardic uses its own propriety video conference system to provide a next-level user experience. Even though it is possible to use more general video conference systems such as Zoom and Teams for online training, such systems cannot compare to a system specially developed for online training.
During the last part of 2020 and into 2021, Naardic’s IT team is getting through a huge pipeline of technical improvements and functionalities to steadily improve the user experience and enable even better training.
In August 2020, Naardic’s first operating month, the membership income covered the operating costs, i.e. the cost of operation and trainers
Naardic shareholder letter September 2020.
Ownership structure
Naardic Holding A/S owns 100% of two companies
- Naardic Tech A/S carries out the technology development together with tech partner Agilis
- Naardic Training A/S carries out all training and licenses web and video conference technology from Naardic Tech A/S
Market
The market for training in Norway was 6 billion NOK in 2019. Online training is steadily taking over a large part of the total market.
On a world scale, the market for online training was 50 billion NOK in 2020 and is estimated to grow to 300 billion NOK in 2026.
Naardic operates at the interception between live streaming and personal training. This is the area of online training that is growing fastest.
Expansion strategy
www.naardic.no www.naardic.no is the cornerstone of Naardic’s commitment to online training and focuses on three defined user groups:
- Private users
- Company membership (sold directly or through third party)
- Training for special groups (overweight, elderly, disabled and more)
In addition to membership sales to customers, Naardic will invest in the following business areas:
Partner agreements (2020)
Offer existing fitness centres and other players an online training offer administered and performed by Naardic. Current agreements exist with:
- Roede (dietary guidance)
- Aktiv Mot Kreft (Active against cancer)
- Myrens treningssenter (Myrens fitness center)
- And more agreements are under negotiation
International roll-out (2021)
Naardic will go international, starting with a English website (www.naardic.com) and English speaking trainers by Q1 2021. In this way, Naardic will reach out to members worldwide.
1-on-1 personal training (2021)
Offer more 1-on-1 online PT classes to existing customers. For this we will use the existing trainers and Naardic’s propriety video conference system. It will be natural to take a revenue fee of approximately 15-20%.
Naardic franchise (?)
Licensing concept and IT platform to players in other countries. As an example, trainers in Spain could create Naardic.es for the Spanish market. A franchise fee would typically be 8-10% of the sales and 1 million NOK to start up.