Fitness-sharing platform KFit has raised $12 million in Series A funding. Venturra Capital led the round with participation from other investors that included SIG, Axiata Digital Innovation Fund, Sequoia Capital India and 500 Startups.
KFit, Asia Pacific’s leading mobile fitness-sharing platform to discover and reserve fitness activities, today announced a US$ 12 million Series A investment round led by Venturra Capital, with participation from SIG and Axiata Digital Innovation Fund. Earlier investors, including Sequoia Capital India and 500 Startups, also participated.
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.
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%. In the last six months alone, KFit members have reserved over 250,000 reservations. A reservation is made every minute and customer ratings of KFit activities are at record high of 4.5/5 based on 10,000 reviews and 1.5 million ratings.
In the past six months, KFit has launched in Seoul, Taipei, Manila, Auckland and Perth, expanding its reach to 10 cities across the Asia Pacific region. The number of gyms and studios has surged five times to 5,000, with most of the notable gyms and fitness studios on board in each city.
Its hyper-local approach has flourished in areas with high population density and quality facilities. “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,” said Joel Neoh, Founder of KFit. “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,” he said.
Working out should be an easy, fun and social experience. To enable that, the KFit team has been iterating fast around its technology to create the ultimate personalized and social fitness-sharing experience. New features (see call-out box) 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 at Venturra Capital said, “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.”
KFit is recognizing and addressing the pain points in the large health, wellness and fitness industry. Pieter Kemps, on behalf of Sequoia Capital India, said, “Joel and the KFit team have executed extremely well in the last year and quickly emerged as the leading fitness platform for consumers in Asia Pacific. 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.”
Innovation and Product Features:
Hyper-local discovery – ‘Wow, so many things to do in the city!’
Deep personalization – ‘Design your own unique fitness routine, curating from 1,000s of the best classes across multiple fitness services’
Advanced implementation of iOS Spotlight search – ‘Finding, reserving, and exercising is just a tap away’
Same day reservation – ‘Use that empty slot in your calendar today to work out. Just reserve and go!’
Socially integrated offline check-in – ‘Check in to the fitness centre or gym easily, on the spot’
Share with friends via Facebook, WhatsApp, E-mail – ‘KFit is always better with friends’
For more information, visit http://KFit.com
KFit enables you to discover and reserve fitness activities in your city — online or from your mobile phone. Whether a treadmill run in the gym, intensive weight lifting or yoga and pilates; KFit connects you to a wide variety of activities and workouts, at an affordable price point. With world-class customer service and a fast growing community of users, KFit is the easiest way for gyms, fitness studios, and health wellness businesses in Asia Pacific to monetize their extra space and showcase it to a relevant audience of thousands. KFit makes living an active lifestyle easy, affordable, social and fun for everyone — contributing to healthier cities across Asia Pacific.
KFit was founded in April 2015 with the strong backing of venture capitalists and angel investors. An emerging leader in the new sharing economy, KFit is currently rapidly expanding to more than 10 cities in eight countries under an experienced management team led by high-profile entrepreneur Joel Neoh.