The money will be used to expand services and cities as KFit continues to spar with rival startup GuavaPass
KFit, the largest fitness-sharing platform in Asia announced today it raised a US$12 million Series A round led by Sequoia Capital, Venturra Capital, SIG and Axiata.
Previous investors like 500 Startups also contributed to the fund.
The Kuala Lumpur-based 020 company plans to use the investment to expand to more cities as well as strengthen its services. It currently operates in 10 cities.
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”, said KFit Founder Joel Noah in an official statement.
In July 2015 the company raised a US$3.25 million seed round and has since enjoyed a 400 per cent boost in active customers.
Also Read: Fitness startup battle: KFIT vs GuavaPass
A KFit membership gives customers access to studios and fitness classes rather than specific gyms. For example, if gym A is doing Taekwondo on Monday and gym B has a hot yoga class on Tuesday, a KFit member can attend both.
According to KFit, the company has 270,000 people in its network and they participate in over 400,000 activities monthly at almost 4,600 gyms.
KFit’s chief rival in the industry is the Singaporean startup GuavaPass. KFit is the cheaper option to GuavaPass but the latter allows users to attend gyms outside of country origin. KFit pitches itself as a hyper-local alternative in the industry.
Multi-gym passes are a global trend with New York City’s ClassPass leading the charge.
Sequioa Capital is a major VC firm based in Silicon Valley boasting hits on companies like Apple, Google, Yahoo! and PayPal.
“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,” said Pieter Kemps on behalf of Sequoia Capital India.
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