Flexible Pass, a health and fitness platform from Myanmar, has secured an undisclosed investment from Nest Tech – which backs technology startups in Myanmar, Vietnam and Singapore – as part of a six-digit US dollar fundraising round closed in August.
Founded in June 2017, Flexible Pass lets users buy points and make bookings at 80 locations in Yangon, and choose among 19 different fitness categories.
“Flexible Pass has undergone a remarkable growth in a short period of time due to our unique positioning and the first mover advantage in the market. We are looking forward to the exciting journey ahead for us in 2019 to execute our vision of providing people in Myanmar with affordable and flexible fitness & lifestyle options” said Sully Bholat, founder and CEO of Flexible Pass, in a statement.
The proceeds of the funding will be used to expand into new markets such as beauty & lifestyle in addition to the current fitness focus.
Currently, the platform’s main coverage is in Yangon and it plans to expand coverage to Mandalay, the second largest city in population.
Flexible Pass claims to have 80 gyms, fitness centres and hotels as its partners on the platform and handles thousands of bookings per month.
Graduated from Founder Institute, the idea-stage accelerator and startup launch program run through Phandeeyar in Myanmar, Flexible Pass is also a winner of Rice Bowl’s ‘Startup of the Year in 2017’ and ‘Best HealthTech Startup of the Year’ in 2017 and 2018 in Myanmar.
“Flexible Pass is disrupting the traditional health and fitness industry and has huge potential to become a major regional player in this sector. We look forward to being a part of the growth and success of this startup,” said Soe Moe Kyaw Oo, Founder and Managing Partner, Nest Tech.