Malaysia’s fitness platform KFit said to be raising $10m, Sequoia may invest more

Malaysia-based fitness sharing startup KFit's website.

Just two months since its last round of funding, Sequoia Capital-backed KFit is seeking to raise another $10 million to help expand throughout Asia, Bloomberg reported, citing people familiar with the matter.

The Malaysia-based fitness sharing platform is in talks with Sequoia for more funding, people familiar with the matter were quoted, asking not to be identified because the discussions are private. Sequoia is considering investing about $2.5 million as a follow-on to its previous funding, the people said.

Sequoia declined to comment.

Sequoia Capital led KFit’s second seed funding just two months ago, in July, raising a total of $3.25 million with many follow-on investors from its first seed round. Its first seed round, announced in May, involved 500 Startups, SXE Ventures, Founders Global and other angel investors.

KFit founder Joel Neoh had told DEALSTREETASIA that its first seed funding was “a low single-digit million” amount.

With another $10 million to come into its coffers, KFit is likely to have raised around $15 million in total since its launch in April.

When contacted for comments on the report, Neoh told DEALSTREETASIA that the team was not able to comment on its following round of funding.

“At this point, I won’t be able to comment on our next funding round. Yes, Sequoia was our lead investor in the previous round where we raised $3.25 million, and we’ve enjoyed a strong working relationship with them. So we are definitely more than happy to continue working with them,” he shared.

In an earlier interview with DEALSTREETASIA, Neoh had said the startup was gunning for fundraising every three months, as a way to chart rapid expansion in the markets it has its eyes on.

From the looks of it, the startup has shortened its funding cycle to two months, that could signal quicker growth.

KFit currently has 170,000 members. Its business is built on giving customers access to third-party gyms and fitness classes.

The startup has been expanding across Asia-Pacific where it has made foothold in Melbourne, Sydney, Auckland, Singapore, Seoul, Taipei, Hong Kong, Kuala Lumpur, Perth and Manila, thus far.

The company has about 3,000 partners to expand its network of gyms and fitness studios, allowing it to make more than 400,000 bookings per month, Bloomberg reported.

Neoh, formerly the vice president of Groupon Inc Asia Pacific, started KFit in April this year. Sequoia’s biggest hits include early investments in Apple Inc, Google Inc and Yahoo! Inc.

Also read:

KFit’s need for speed: Charting growth with three-month checkpoints

KFit raises $3.25m in second seed round, led by Sequoia Capital

KFit raises seed funding of single-digit $m from 500 Startups, others

Malaysia’s fitness platform KFit merges with Australian competitors Classhopper, SweatPass

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.