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KFit expansion to be backed by US$12 million funding
The expansion of leading mobile fitness-sharing platform KFit is to be backed by a US$12 million investment.
Launched in April last year, in less than nine months of operation, KFit has reserved 250,000 fitness activities across 4,500 gyms and fitness studios in the Asia Pacific region, offering users over 75,000 activities to choose from every week.
The investment round, led by Venturra Capital, with participation from SIG and Axiata Digital Innovation Fund, with earlier investors, including Sequoia Capital India and 500 Startups, also participating, will back KFit's expansion as the fastest growing mobile fitness-sharing platform.
KFit partners with studios and gyms, aggregating the supply of over 300,000 different activities every month. It then offers this wide selection to customers in one single, easy-to-use mobile app that offers hyper-local discovery and easy, same-day reservations of activities.
The new funding will enable KFit to expand in the region and invest in the technology, operations and marketing to further solidify its leading position in the Asia Pacific region. Their expansion will go beyond just fitness, with upcoming new categories, activities, and pricing models to be added this year.
The Series A round follows seed funding of US$3.25 million in July 2015 and pre-seed funding in April 2015. Since then, business has expanded at an accelerated rate with the number of active customers jumping 400%.
With its most recent expansion in Seoul, South Korea; Taipei, Taiwan; Manila in The Philippines, Auckland and Perth, see KFit reaching 10 cities across the Asia Pacific region, the number of gyms and studios participating in the platform has surged five times to 5,000, with most of the notable gyms and fitness studios on board in each city.
Explaining that its hyper-local approach has flourished in areas with high population density and quality facilities, KFit founder Joel Neoh explains "at KFit, we've seen first-hand that staying active makes people happier and healthier. Our goal is to make it simple to build fitness and wellness into everyday life.
"The next phase of our expansion will see us bring even more exciting partners onto the platform, helping us transform our customers' health and lifestyle as they discover and enjoy great offline experiences across the Asia Pacific region.”
To enable that, the KFit team has been iterating fast around its technology to create the ultimate personalised and social fitness-sharing experience. A range of new features have resulted in a 4.4 rating across Google Play and App Store.
With the KFit platform, partnering gyms and studios can promote their brands and fill classes, making it simpler than ever to generate incremental revenue for their businesses.
Stefan Jung of Venturra Capital adds "KFit created an enormous opportunity for gyms and studios to market their businesses to an engaged and active consumer base.
“They have truly redefined the fitness paradigm in Asia Pacific, by helping gyms and studios attract demand in a way that is affordable for members and sustainable for the businesses."
23rd November 2015 - PASSPORT ASIA FITNESS PASS MAKING PROFITS AFTER SIX MONTHS
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1st September 2015 - FLEXIBLE GYM CONTRACTS IMPROVE MEMBER RETENTION
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