Vietnam’s fitness platform raises $1m from CyberAgent, others

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Fitness platform, which helps connect workout enthusiasts with fitness studios across Vietnam, has raised $1 million in a pre-Series A funding round from Japan’s CyberAgent Capital, Korea’s KBInvest and undisclosed angel investors, according to an official statement.

WeFit, which raised $155,000 investment led by homegrown venture capital firm ESP Capital in 2017, is a mobile application platform that provides users with beauty and fitness care packages at more than 1,000 locations in Hanoi and Ho Chi Minh City.

The funding raised will be used to further develop its offerings and expand into new markets. The company expects to grow its user base to 1 million and to raise its Series A round in 2019, WeFit said in a statement.

“We are very impressed with what WeFit has built over the past two years, and believe WeFit will soon create a completely different health and beauty behavior in Vietnam,” said CyberAgent Capital investment director (Vietnam and Thailand) Nguyen Manh Dzung.

According to Mintel statistics, the traditional fitness and beauty market in Vietnam is estimated at over $2.5 billion and is growing at a rate of about 25-30 per cent per year.

Founded at the end of 2016, WeFit is a portfolio company of the first cohort of Vietnam Innovative Startup Accelerator (VIISA). The two-year-old startup claims to have more than 150,000 bookings currently while helping its partners grow an average of 10 per cent per month.

By using WeFit app, users can choose from over 30 fitness options, ranging from gym and yoga to dance classes, boxing and swimming at the closet gymnasium, without the need to permanently work out at the same location.

CyberAgent Capital, formerly known as CyberAgent Ventures, recently participated in a $3-million bridge round in Vietnam’s rental sharing startup Luxstay.

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