Sequoia-Backed App KFit Raises $12 Million to Expand in Asiaby
KFit attracts funding from Venturra Capital, SIG in Series A
Fitness startup expanding offerings in spas, beauty parlors
KFit, an Asian gym membership app backed by Sequoia Capital, raised $12 million in a series A funding round as it tries to add fitness studios and expand to more cities.
KFit Asia Sdn Bhd attracted investors led by Venturra Capital, as well as Susquehanna International Group and Axiata Digital Innovation Fund. Previous investors Sequoia and 500 Startups also participated, it said in a statement.
Kuala Lumpur-based KFit gives members access to third-party gyms and fitness classes in eight countries across the Asia Pacific region, including Singapore, South Korea and New Zealand. The company is working with about 4,500 gyms and plans to broaden its offerings to include spa and beauty parlors through the smartphone application.
“Expect more categories to be launched in the next three to six months and more activities,” KFit founder Joel Neoh, a former vice president of Groupon Inc. Asia Pacific, said in an interview. “Our goal is to make it simple to build fitness and wellness into everyday life.”
Southeast Asia is seeing a boom in startups, as series A investments this year are expected to double to 40 and reach a total of at least $120 million, according to a report by Golden Gate Ventures.