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Business

WeFit raises $1mn from CyberAgent Capital and KBInvest

Released at: 09:33, 09/01/2019

WeFit raises $1mn from CyberAgent Capital and KBInvest

Photo: WeFit

Next Pre-series A fund raising of $1 million secured on January 9.

by Ngoc Lan

Vietnamese fitness startup WeFit successfully completed the next Pre-series A fund raising of $1 million from CyberAgent Capital, KBInvest, and other angel investors on January 9.

Mr. Nguyen Khoi, Founder and CEO of WeFit, said the capital will be used to develop the next phase of the product and expand to new markets. “Receiving investment from funds like CyberAgent Capital will help WeFit shorten the time needed to explore markets and bring services to many people faster,” he added. “WeFit is expected to reach 1 million app users in 2019.”

Established in late 2016, WeFit is a mobile app providing users with basic beauty and fitness care packages at more than 1,000 locations in Hanoi and Ho Chi Minh City.

With just a few simple touches on their smartphone, users can find a training schedule that fits them best, with a variety of fitness activities such as yoga, zumba, boxing, and exercise workouts in the closest gym with the highest quality.

Gyms and beauty service providers can also optimize their operating costs and increase profits through WeFit.

WeFit now is handling more than 150,000 bookings per month and helping partners grow profits by an average of 10 per cent each month.

The startup recently received the 2018 Startup of the Year in Vietnam Award at the ASEAN Rice Bowl Awards.

Mr. Nguyen Manh Dung, Director of CyberAgent Capital Vietnam, said they have been very impressed with WeFit’s result over the past two years. “We believe WeFit will create completely different habits in health and beauty care in Vietnam in the near future,” he added.

Mr. Khoi confirmed that WeFit is expected to continue to call for series A investment in 2019.

As a large investment fund from Japan, with operations in the US market and eight Asian countries and being particularly active in Vietnam, CyberAgent Capital has invested in over 25 startups in the internet and technology field, including well-known names such as Foody, Tiki, VNG, and Topica.

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