WeFit – Vietnam’s pioneering lifestyle tech startup has successfully raised 1 million US dollar in a pre-series A round from CyberAgent Capital and some other regional VCs in January 2019. WeFit was also invested by VIISA and ESP Capital in the previous SEED round in 2017.
According to statistics of Mintel and Statistics, Fitness and Beauty service market in Vietnam is estimated to be over 2.5 Billions US dollars and especially growing fast in the recent years, with a growth rate of 25-30 %/year. Data from WHO (World Health Organization) shows that 16% of Vietnamese male have obesity in 2015, which are 3.2 times more than ones 10 years ago. Obesity rate at female in Vietnam has also increased by 80% in the last 10 years to 24%. Besides, Vietnam is also currently having the lowest body mobilization over the world. Merely 15,3% of the population to perform of exercise with a duration of more than 30 minutes per day, and only 0,46% of the population own membership in the sports club, gym,…
According to the founders of WeFit, this problem occurred due to the lack of convenience and diversity of the solution for everybody, thus WeFit is established to solve this issue. By some technological and sharing economic model, WeFit has gained a lot of successes in our first stage to bring people more benefits, less time – consuming services, as well as added value for commercial entities.
Founded at the end of 2016, WeFit has been one of the most prominent startups in Vietnam for the last 2 years. Wefit is one of the startups graduated from Accelerator program of VIISA. From this investment and training program, Wefit grew rapidly in revenue and customers. WeFit is a mobile platform providing users subscription packages for fitness and beauty services across over 1,000 locations in Hanoi and Hochiminh City. Via WeFit, users can search and book for fitness and beauty sessions located nearby in the most convenient way. At the same time, WeFit’s partners – which are fitness centers and beauty spas can optimize operational costs and increase profit gain by receiving huge traffic coming from WeFit.
Currently, WeFit is serving more than 150,000 bookings every month and helping partners grow their monthly profits by 10% on average. According to the data provided, an average member at WeFit uses their services 2 times more than one using those services in other traditional models. With these achievements, WeFit has recently received award Startup of The Year 2018 in Vietnam organized by ASEAN Ricebowl Awards.
“We’re extremely excited to have cooperated with overseas venture capital firms. Involvements of firms like CyberAgent Capital into WeFit’s operations will dramatically shorten the process of exploring the market and widening the accessibility of our services,” said Mr. Khoi Nguyen – founder and CEO of WeFit. Also, Mr. Khoi claimed this investment will push the next phase of WeFit’s product development and also expand a new market. WeFit expects a million users in 2019. WeFit plans to move forward with its Series A funding within 2019.
Along with a round of investment with CyberAgent Capital is the funding from Korean investment fund and a few other angel investors. WeFit is expected to continue to call Serie A in 2019. Apart from Wefit, other notable startup graduated from VIISA are Wisepass, CyHome, Ella Study,…
The startups in VIISA Accelerator Program Batch 4 are SecurityBox, GOONG, and PhyPass. Joining VIISA Accelerator Progam, they received the investment of US$15.000 in cash and an undisclosed amount of in-kind services (such as co-working space, Amazon Web Services, HubSpot, Google Cloud, Mapbox, Zendesk….). The founders also underwent intensive training, from acquiring early customers to avoiding problems such as no market needs or product-mistimed to talking to investors, closing business and investment deals, and developing scalable business models. They came on stage at VIISA Investment, presenting a real business with real customers, recording over $200K in revenue growth and strong interests from top-tier investors in less than 3 months.
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