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Vietnamese fitness startup raises $1mn pre-series A funding

Thursday, January 10, 2019, 16:03 GMT+7
Vietnamese fitness startup raises $1mn pre-series A funding
A customer workouts at a gym center affiliated with WeFit. Photo: Tuoi Tre

Vietnamese fitness startup WeFit has successfully raised US$1 million of funding in a pre-series A round from an Asia Pacific-based venture capital firm and other angel investors on Wednesday.

WeFit, which helps connect workout enthusiasts with fitness studios across Vietnam, announced yesterday that the Tokyo-headquartered CyberAgent Capital was among the deal closers of the funding round.

Nguyen Khoi, Founder and CEO of WeFit, said the capital will be used for the development of the next phase of its products and new market expansion.

“Receiving investment from funds like CyberAgent Capital will help WeFit shorten the time needed to explore markets and bring services to many people faster,” he added.

The fitness studio platform is expected to reach one million app users this year, according to Khoi.

Founded in late 2016, WeFit is a mobile app providing users with basic beauty and fitness care packages at more than 1,000 locations in Hanoi and Ho Chi Minh City.

Workout enthusiasts practice yoga at a yoga center in Hanoi affiliated with WeFit. Photo: Tuoi Tre
Workout enthusiasts practice yoga at a yoga center in Hanoi affiliated with WeFit. Photo: Tuoi Tre

The mobile app only requires a few simple touches on smartphones to help users find a training schedule that fits them best, with a variety of fitness activities such as yoga, zumba, boxing, and exercise workouts at the closest gym with the highest quality.

WeFit is handling more than 150,000 bookings per month and helping partners grow profits by an average of ten percent per month.

The startup recently received the 2018 Startup of the Year in Vietnam Award at the ASEAN Rice Bowl Awards.

In 2017, WeFit used to receive investment from the Vietnamese venture capital firm ESP Capital and accelerator and seed-stage fund VIISA.

WeFit is expected to continue to call for series A investment in 2019.

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Bao Anh / Tuoi Tre News

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