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.