Solidcore Founder Leads $3.5M Round for The Athletic Clubs

The funding fuels ACs’ plan to scale its boutique fitness squad training to 15 clubs and new markets by 2026

The Athletic Clubs (ACs), a squad-based training brand with seven locations across New York City, has announced a $3.5 million funding round led by Solidcore founder and serial entrepreneur Anne Mahlum. The funding will support ACs’ next phase of growth, including plans to expand to 15 locations by the end of 2026 and enter two new markets.

The ACs offer a boutique group training experience where squads of 15 to 20 members train together twice a week at a set time with a dedicated coach. McCarthy founded the concept in 2021, quickly attracting East Coast fitness enthusiasts drawn to the community-driven structure and built-in accountability of group training. Each class ends with time set aside for coffee and conversation.

“The ACs have everything I look for in an investment,” Mahlum said. “A top-notch founder who knows how to execute and delegate, consistent unit economics, simplicity in operations, financial prudence and scalability, and, lastly, a community so sticky that you need a new word for it.”

Mahlum grew Solidcore into a 100-plus studio brand before exiting the Pilates-inspired strength training brand in April 2023 in a deal reportedly worth close to $100 million.

“I’m deeply honored to officially welcome Anne as an investor and board member,” The ACs’ founder Dane McCarthy said. “She’s built the best corporately owned boutique fitness company in the country and proven that it’s possible to scale without sacrificing culture or care for employees and members. Having her involved is both a privilege and a huge vote of confidence in what we’re building.”

As part of its growth push, the company has appointed seasoned fitness executive and former Xponential COO Michael Abramson as president and chief operating officer.

“The Athletic Clubs have tapped into something powerful—where boutique fitness meets real human connection,” Abramson said. “I’m honored to join as president and COO to help grow a brand that’s building not just stronger bodies, but stronger communities. And with a strong foundation already in place, I’m excited to build systems, teams and experiences that drive meaningful growth and impact.”