Nest Tech joins Myanmar fitness platform Flexible Pass funding round

Sully Bholat, founder and CEO of Flexible Pass

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.

Nest Tech joined Seed Myanmar (previously known as VIMIC) and Yangon Capital Partners (YCP), the investment arm of financial advisory firm Trust Venture Partners (TVP), in the round.

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.

Also Read:

Seed Myanmar leads $100k funding in fitness app Flexible Pass, eyes two more investments

Seed Myanmar closes six-digit investment in delivery startup

 

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.