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Fitness and beauty tech startup WeFit secures US$1M pre-Series A funding

Wefit is VIISA portfolio companies - Alumnus Batch 1 of Accelerator Program
· Southeast Asia,startups,investment,accelerators

The Vietnam-based startup raises funding led by CyberAgent Capital

Lifestyle tech startup from Vietnam WeFit announces that it’s just closed a pre-series A funding for US$1 million from CyberAgent Capital.

Joining the round is some other regional VCs, all done in this early January 2019.

Khoi Nguyen, the founder and CEO of WeFit shared that the investment will push the next phase of WeFit’s product development and also expand to a new market.

“We’re extremely excited to have cooperated with overseas venture capital firms. We believe this partnership will dramatically shorten the process of exploring the market and widening the accessibility of our services,” said Nguyen.

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Previously in 2017, the company also raised a seed round from ESP Capital and VIISA.

WeFit has been around since 2016 and claimed to be the pioneer in mobile-based user subscription packages for both fitness and beauty services across Vietnam’s two busiest cities, Hanoi and Ho Chi Minh City. To date, the company said it has been available for booking over 1,000 locations.

WeFit works by allowing users to search and book for fitness and beauty sessions located nearby the users. WeFit partners with fitness centers and beauty spas to help them optimize operational costs and increase profit with WeFit’s traffic.

“According to a data provided by WHO, Vietnam is currently on the top rank of country with the lowest body mobilization over the world due to the lack of convenience and diversity of the solution for everybody. WeFit aims to solve this issue, we seek to bring people more benefits and less time-consuming services, as well as added value for commercial entities,” said the company’s official statement.

Currently, WeFit said that it serves more than 150,000 bookings every month.

“We believe WeFit will formulate a completely different behavior of beauty and health care in the near future,” Nguyen Manh Dung, Head of CyberAgent Capital in Vietnam and Thailand on its investment.

WeFit projects a million users in 2019 and plans to move forward with its Series A funding within 2019.