SOURCE: KFit

KFit

July 21, 2015 01:00 ET

KFit's Mission to Create Healthier Cities Across Asia Pacific Wins Favor With Global VC and Angel Investors

Raises US$3.25M in Sequoia-Led Investment Round

HONG KONG, CHINA--(Marketwired - Jul 21, 2015) - KFit, the largest fitness-sharing platform in Asia Pacific, has raised US$3.25 million in its latest investment round. The start-up, founded by Joel Neoh, one of Asia Pacific's most successful and respected young entrepreneurs and technology investors, has said that the new seed funding will be invested into technology and partnerships to connect more people to fitness facilities across Asia Pacific.

With a proven 'sharing economy' business model, KFit offers consumers a simple monthly membership that opens the doors to hundreds of quality local fitness facilities providing a wide variety of classes and activities. This provides people with more ways to keep fit and creates new business opportunities for participating gyms, studios, sports facilities, and other fitness providers. The asset-light business model also ensures they can expand rapidly with equitable capital investment.

Since launching three months ago with backing from global investors from the US, Europe, and Asia Pacific, KFit has experienced rapid business growth and received an overwhelming response from subscribers in Asia Pacific. It has expanded its network of fitness studios and gyms in the region to more than 1,000 partners, and is able to facilitate more than 400,000 bookings per month. Since launch KFit has grown five times in the number of fitness partners available within the network, and has seen reservations increase almost four times.

This traction has attracted the interest of leading global venture capitalists, including Sequoia Capital, which led the latest funding round.

"We are delighted to back Joel and the KFit team as they help make quality fitness programs more accessible and convenient to consumers. Within weeks of launch, the company is off to a blazing start and we are very excited by their early progress and ambitious roadmap ahead," says Shailendra Singh, Managing Director, Sequoia Capital India Advisors.

KFit has created a platform capable of scaling up to cater for an explosion in customer demand, as health and fitness increasingly becomes a priority across Asia Pacific. The company's expansion is on track with over 100 staff in eight countries led by an experienced management team with proven success in the e-commerce, management consulting and fitness industries. KFit is now operating in six cities, with many more set to the join the network, including Auckland, Seoul and Manila in the coming weeks. 

"To inspire people to live healthier lives, KFit is catalyzing a new consumer movement to involve the 96% of Asians who currently don't belong to a gym," says Neoh. "By helping consumers integrate fitness into their busy, digitally connected lives, KFit is fundamentally fueling growth in the fitness industry. The new paradigm is all about delivering great experiences to create lasting connections with more consumers."

Feedback from customers shows that KFit is attracting both fitness enthusiasts looking to add variety to spice up their keep-fit regime, as well as new fitness consumers who want a local and hassle-free fitness option that does not tie them into a single gym or studio membership. The business model also helps participating gyms, studios and other fitness providers attract new customers and fill class slots that would otherwise remain unused.

For more information, visit http://kfit.com

For some comments from our partners and customers, see the attached Appendix.

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About KFit
KFit seamlessly connects consumers and fitness businesses in key cities across Asia Pacific. It gives people more ways to stay healthy and keep fit, creating new business opportunities for gyms, studios and other fitness providers. An emerging leader in the new sharing economy, KFit allows subscribers to access a huge variety of classes and activities each month. It helps make fitness more accessible, flexible and fun -- contributing to a healthier Asia Pacific.

KFit launched in April 2015 with the strong backing of venture capitalists and angel investors. It is currently rapidly expanding to more than 10 cities in seven countries under an experienced management team led by high-profile entrepreneur Joel Neoh.

APPENDIX

Feedback from the KFit ecosystem

KFit Partners

"KFit has integrated us into its community of active fitness enthusiasts and provided a great platform for us to share our classes with this network. The team is always on the ball and responsible with their members' bookings. Their service quality is top-notch, and we are excited to be working with them."
Denise Lwin, Wings to Wings Dance Studio (Singapore)

"Dance One is honored to be in partnership with KFit. We are delighted to join KFit in promoting good health and providing good service to all."
Michelle, Dance One (Hong Kong)

KFit Customers

"KFit offers such a huge range of activities, which is perfect for anyone who likes trying new types of workouts. KFit has helped me rekindle my childhood love for ballet and gymnastics after joining some of the classes"
Natalie (Singapore)

"I've been loving KFit! I've been to five studios in the past week, and they've all been really great. Going to so many new studios was intimating at first, but all of them have been super accommodating, which was a bit of a surprise. The great thing is that I've had a few friends sign up and now we have regular weekly KFit sessions scheduled. So rather than going out for drinks or tea, we Kfit together instead!"
Colleen (Hong Kong)

"Joining KFit has opened my eyes up to so many fitness and leisure activities I never even knew existed! It's been great to try a variety of fitness classes and I can't wait to try some of the more specialised and unusual activities with friends -- you and your friends don't have to be a member of the same gym/club to go trampolining, rollerblading. Fantastic variety and endless opportunities for health, fitness and leisure, so glad I signed up to KFit!"
Lucy Rogers (Melbourne)

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