Ride Jakarta raises $500k seed funding round led by Intudo Ventures

Photo: Ride Jakarta's Facebook page

Boutique fitness and indoor cycling studio Ride Jakarta has secured a $500,000 seed round of financing led by Indonesia-focused venture capital firm Intudo Ventures, according to a company statement.

The round was joined by return backers East Ventures and PT Prasetia Dwidharma. It is the Indonesian startup’s second round of funding after a $250,000 pre-seed round.

Founded in April 2015, Ride Jakarta is the first boutique studio dedicated to indoor cycling in Indonesia and has three studios in Jakarta currently. The company said it will use proceeds from the latest financing round to expand its physical fitness studio network, develop digital content for offsite users and hire new staff.

“In the past, lifestyle fitness has been overlooked as a business in Indonesia due to a variety of misconceptions. Our model demonstrates that by investing in consumer experience and high quality instruction, fitness can be a scalable business and generate meaningful profit,” said Ride Jakarta founder and CEO Gita Sjahrir.

“Ride Jakarta’s unique business model applies lessons learned from the US boutique fitness segment to Indonesia’s local market conditions. Gita and her team have demonstrated the right combination of ingenuity and perseverance to create a sustainable and scalable business model that meets the healthy lifestyle needs of Indonesians,” said Patrick Yip, Founding Partner at Intudo Ventures.

Ride Jakarta plans to open new studios in locations including Plaza Indonesia, Colony Kemang, Pacific Place and Senayan Golf Club this year and expand to big cities outside of Jakarta and Bali by 2020. Other plans include launching digital content for a freemium fitness app and expanding its offerings beyond indoor cycling to include other fitness courses, including a boot camp course.

Also Read:

Indonesia-focused VC Intudo Ventures closes $10m debut fund

Vietnam: Fitness studio platform WeFit raises $155k funding led by ESP Capital

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.