The start-up, founded by Malaysian entrepreneur and technology investor Joel Neoh, said that the new seed funding will be invested into technology and partnerships to connect more people to fitness facilities across Asia Pacific.
This traction has attracted the interest of leading global venture capitalists, including Sequoia Capital, which led the funding round. The others were not mentioned in the statement released today.
“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,” Shailendra Singh, managing director of Sequoia Capital India Advisors said in a statement.
Operating on a “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.
In May, KFit announced its first seed funding round, a seven-digit US-dollar seed funding from venture capital firms such as 500 Startups, SXE Ventures and Founders Global as well as two angel investors – founder and CEO of Ticket Monster Inc Daniel Shin and former CEO of Groupon Hong Kong Danny Yeung.
The fitness-sharing business has since expanded into eight countries led by an experienced management team with track record 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, the statement said.
Since launching three months ago with backing from global investors from the US, Europe, and Asia Pacific, KFit 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.
It has grown five times in the number of fitness partners available within the network in that period, and has seen reservations increase almost four times.
One key reason behind KFit’s swift expansion around Asia-Pacific is its asset-light business model and equitable capital investment.
Former Groupon Asia-Pacific head, Neoh said KFit is catalysing a new consumer movement to involve the 96 per cent of Asians who currently don’t belong to a gym.“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,” he added.