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

Fitness platform, 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.