Indonesian tech-enabled fitness startup Fit Hub has raised US$ 6.5 million in a new financing round.
The investors include Global Founders Capital, Trihill Capital, Goodwater, Wavemaker Partners, East Ventures, Gentree, and BAce Capital.
The capital raise will help Fit Hub expand its offline and online presence, offering free workout content and e-commerce for healthy foods, apparel, workout equipment, and supplements. The startup also plans to open 100 clubs by year-end.
Fit Hub digitises the fitness experience and develops community-driven fitness centres, catering to the rising middle class seeking quality equipment, accessible facilities, and a welcoming atmosphere.
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Since its launch in August 2020, it has expanded to 60 clubs across 14 cities in Indonesia, attracting over 50,000 paying members, half being first-time gym-goers. With an affordable of US$17/month, the startup aims to address a significant gap in the Indonesian fitness market where the average gym membership costs US$50/month.
B. Paul Santos, Managing Partner at Wavemaker Partners, said: “Fit Hub aims to address the increasing obesity rates in Indonesia, specifically among middle- to low-income households by democratising fitness. Their market positioning is distinctive, providing hyperlocal gyms that are both high-quality and 50 per cent more affordable than other options.”
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