Vietnam’s fitness platform WeFit.vn to raise US$1 million from CyberAgents, others

Wed Jan 9, 2019 - 7:25am UTC
WeFit

WeFit

9/1/2018 – Fitness platform WeFit.vn has successfully secured US$1 million in a pre-series A funding round from Japan’s CyberAgent Capital, Korea’s KBInvest and several undisclosed angel investors.

WeFit is a mobile platform which connects workout and beauty enthusiasts to fitness and beauty services across more than 1000 locations in Hanoi and Ho Chi Minh City.

On the other hand, businesses like fitness centers and spas can optimize their operational costs and increase profit gain through the oncoming traffic from WeFit.

The fitness platform claims that it handles more than 150,000 bookings every month, and has helped its partners to increase their monthly profit by an average of 10 percent.

“We are very impressed with what WeFit has built over the past two years, and we believe WeFit will soon create a completely different health and beauty behavior in Vietnam,”

With the fresh funding, WeFit plans to develop new product and expand into new markets. The startup also expects to grow its user base to 1 million and to raise its Series A round in 2019.

Founded at the end of 2016, WeFit is a portfolio company of the first cohort of Vietnam Innovative Startup Accelerator (VIISA). In 2017, WeFit received a US$155,000 investment led by homegrown venture capital firm ESP Capital.

With the 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 be permanently work out at the same location.

This news is published on Reuters.

Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.