Fitness app receives $1 million investment

11-Jan-2019 Intellasia | The Saigon Times | 6:00 AM Print This Post

WeFit, a Vietnamese fitness startup, has attracted $1 million in investment from CyberAgent Capital, KBInvest and other angel investors for its pre-series A fundraising drive.

Nguyen Manh Dung, director of CyberAgent Capital Vietnam, said that his firm was impressed with WeFit’s achievements over the past two years and believed that it would create a new healthcare and beauty movement in Vietnam in the near future.

With the financial support of CyberAgent Capital, alongside other angel investors, WeFit could considerably shorten the time needed to tap into the local fitness market and offer its services to customers faster, according to Nguyen Khoi, founder and CEO of WeFit.

The capital will be used for developing the next phase of its fitness products as well as expanding to new markets. In addition, WeFit looks to have one million app users this year, said Khoi.

Further, the fitness startup plans to call for investment in its series A offering this year.

Established in late 2016, WeFit is a mobile app that allows users to book schedules for different fitness activities such as yoga, gymnastics, boxing and exercise workouts at fitness locations in HCM City and Hanoi. Through the app, users can find the closest gyms and most convenient beauty services.

WeFit’s service costs are equivalent to those offered by high-end fitness service providers on the local market.

Presently, WeFit handles over 150,000 bookings per month and helps fitness and beauty service provider-partners generate monthly profits of 10 percent on average.

The startup was recently recognised as “the 2018 Startup of the Year” at the Asean Rice Bowl Awards.

https://english.thesaigontimes.vn/65447/fitness-app-receives-us$1 million-investment.html

 


Category: Business, Vietnam

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