KFit App Raises $12M In Funding For Asia Expansion With Sequoia Capital, SIG, and Venturra Capital In The Round
A $12 million Series A funding has been raised by KFit to be used for new cities expansion in Asia. The fitness-sharing platform, which is based in Kuala Lumpur, has obtained the fund from Sequoia Capital, SIG, and Venturra Capital.
According to the Tech Crunch, Venturra Capital was at the front in the $12 million Series A funding round with participation from new investors SIG and Axiata Digital Innovation Fund. Sequoia Capital India was also on the round along with 500 Startups.
Just like ClassPass, the platform began the service by offering a way for people to find gyms and fitness center packages with no long-term contract, as well as exposing gyms to new potential consumers. However, CEO Joel Neoh said that the service has transformed differently during this past year.
The new transformation, which Neoh called as an "active lifestyle platform", will not only cover gyms and fitness, but also spas, beauty services, and massages. It will not focus on selling physical goods, but more to services. He said, "We ask ourselves: 'How do we help people exercising find things around them?' - and that comes down to discovery."
Today, there are 10 cities in Asia within KFit's reach, which include countries in Southeast Asia, Taiwan, Korea, and Australia. 250,000 reservations have been claimed to be made from around 4,500 gyms and fitness centers in those cities.
Deal Street Asia mentioned that KFit has launched in some cities after last July funding, including Manilla, Seoul, Taipei, Perth, and Auckland. The other cities that had been previously settled are Sydney, Melbourne, Singapore, Kuala Lumpur, and Hong Kong.
Stefan Jung, Venturra Capital founder, stated that KFit has opened huge chances for gyms and studios to sell their services to busy and active consumers. He said, "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."
Whereas Pieter Kemps from Sequoia Capital India mentioned in E27, "We continue to believe this segment has a big consumer pain point and traditional models of accessing fitness services and infrastructure can be improved upon using hyper-local discovery, demand-matching and on-demand scheduling. We are excited about the impact KFit can have on the fitness and wellness industry."
KFit's competitor, GuavaPass, which is based in Singapore, offer a more worldwide service where consumers are able to go to gyms outside their country of origins. Meanwhile, KFit is a more local choice and relatively cheaper in the business.