Entering 2023, Fit Hub intends to open around 100 fitness clubs, expand the business reach into tier 2 cities, and provide workout content and an e-commerce platform.
Heaptalk, Jakarta — Fit Hub, a fitness startup based in Indonesia, announced has seized its additional capital injection in a seed extension round worth US$3.5 million, or equal to Rp52 billion. The Fit Hub extension funding round is led by Wavemaker Partners and participated by Trihill Capital, East Ventures, Gentree, and BAce Capital.
Previously, this Indonesia‘s health and wellness startup also secured a seed fund worth US$3 million in February 2022, led by Berlin-based VC Global Founders Capital. Multiple angel investors back this round, including Abhinay Peddisetty, Steven Wongsoredjo, Robin Tan, Benedicto Haryono, and Philip Tjipto. Through this achievement, Fit Hub has raised the total of a seed round for US$6.5 million, or nearly Rp96.9 billion.
Fit Hub will handle the funding to expand its online and offline presence and proffer free workout content and e-commerce for healthy foods, apparel, workout equipment, and supplements. Also, this startup aims to digitize the fitness experience and evolve community-driven fitness centers, serve to the rising middle class seeking quality equipment and accessible facility with a friendly atmosphere.
During the post-pandemic, the company has viewed a structural transformation in consumer behaviors over the past few years, specifically in the fitness industry. For this reason, Fit Hub has effectively leveraged this trend to uplift its advantages. Besides, Fit Hub startup observed high-priced premium gyms are primarily available in malls, with target consumers of high-income communities, bringing a significant gap in the middle market that was not existent. Fit Hub will tap into this gap by offering consumers the quality and quantity of gyms.
Cited in Dealstreetasia, the Fit Hub’s spokesperson said, “Our premium affordable tech-enabled gyms are present in over 60 locations in 14 cities, serving over 50,000 paying members (50% being first-time-gym goers). We will continue innovating and growing the business, balancing growth and profitability. We will launch new products like online workouts and commerce through our app shortly,”
Becoming one of the strategic investors for Fit Hub’s newest investment round, the management team of Trihill Capital emphasized the company’s robust confidence in the potential possessed by Fit Hub. Therefore, this venture capital firm will continue to bolster the Fit Hub team to unveil numerous products, such as online workout content and an e-commerce platform.
From now on, this health and wellness startup intends to address existing challenges in Indonesia by opening around 100 fitness clubs in the next 12 months. Concurrently, this startup will also expand the business reach into tier 2 cities and aims to perform regional expansion in the long run.
