It’s a bit of an awesome name-drop but Asia Pacific fitness platform startup KFit has closed a $US3.25 million funding round which was led by Sequoia.
Founded by former Groupon Malaysia CEO Joel Neoh, the platform was launched just three months ago and works by opening up the number of classes, activities or gyms a user can go to after they pay a monthly subscription. It means a user isn’t tied to one fitness provider but can pick and choose between a bunch.
It’s like an Airbnb or an Uber but instead of providing accommodation or transport, it connects fitness providers with clients. In the US, ClassPass, which raised $40 million in January, offers a similar service.
Sequoia Capital India managing director Shailendra Singh said: “Within weeks of launch, the company is off to a blazing start and we are very excited by their early progress and ambitious roadmap ahead.”
The latest round of investment will be piled into the product and used to help establish partnerships. So far the startup has focused on the Asia Pacific region and has just over 1,000 partner studios and gyms using the platform.
“The partnerships we have established so far are just the beginning of what’s on offer and I’m really excited to be leading the ANZ team! The latest funding round has allowed us to be more driven and focused than ever,” ANZ general manager Jaye Raykos says.
KFit is now available in six cities including Melbourne and Sydney, with many more set to launch on the platform, including Auckland, Seoul and Manila in the coming weeks. The aim is to launch in 20 to 30 more cities over the next 18 months.
“To inspire people to live healthier lives, KFit is catalysing a new consumer movement,” says Neoh. “By helping consumers integrate fitness into their busy, digitally connected lives, KFit is fundamentally fuelling growth in the fitness industry.
“The new paradigm is all about delivering great experiences to create lasting connections with more consumers.”
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