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

Fitness platform WeFit.vn, which helps connect workout enthusiasts with fitness studios across Vietnam, has raised $155,000 in a new investment round led by homegrown venture capital firm ESP Capital.

Additional financing was provided by Vietnam Innovative Startups Accelerator (VIISA), which invests in seed stage investment in global startups, and angel investor Nhan Nguyen.

The one-year-old startup gives users an option to choose out of 500 medium and high-class fitness studios across Vietnam that they can join from anywhere and at any time.

“The investment will be spent to grow faster and dominate the Vietnam market. Besides, we are piloting new services to add to the platform such as beauty and spa services,” said Khoi Nguyen, founder of WeFit. The platform claims to have thousands of active users, up from about 500 paid members it had about four months after its launch.

The startup is a portfolio company of the first cohort of VIISA. The latest investment is a follow-on funding by VIISA as well as the angel investor.

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.

Last year, WeFit was chosen among the three startups with the most potential in 2016 at the StartUp Festival organized by VTV.

WeFit is ESP’s fifth investment after Canavi, Jamja, Homedy, Luxstay and Cooky.

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.