KFit which claims to be democratizing fitness in Asia will be launched in Hong Kong this month, the new fitness-sharing platform announced today.
KFit describes itself as a platform that seamlessly connects consumers and health and fitness businesses to give people more ways to keep fit through an all-access membership that opens the doors to hundreds of local fitness facilities. This creates new business opportunities for participating gyms, studios and other fitness providers, helping them to fill their classes and attract new customers. It charges a monthly subscription fee, rather than a per-transaction fee, which helps it rapidly increase revenue to support growth.
"Our business model capitalizes on the meteoric rise of the sharing economy," explains Joel Neoh, KFit Founder and one of Asia Pacific's most successful and respected young entrepreneurs and technology investors. "We are bringing the 'fitness-sharing' concept to the region with an aim to democratize fitness and help make Asia Pacific a healthier place."
KFit said it has raised seven-figure US-dollar seed funding from venture capital firms and international angel investors. These investors include 500 Startups, SXE Ventures and Founders Global; Daniel Shin, founder and CEO of Ticket Monster Inc.; and Danny Yeung, former CEO of Groupon Hong Kong; in addition to Neoh, a founding member and former Head of Groupon in Asia Pacific.
KFit launched in April 2015 in Kuala Lumpur and Singapore. By the end of May, the platform will be extended to Melbourne, Sydney and Auckland, with many more cities set to the join the network very soon after that, the company said in a statement.
As of early-May, KFit had more than 500 partners offering more than 10,000 classes a week and more than 100,000 fitness and activity slots per month.
"We also have a lot of tech savvy, digitally connected people who are increasingly concerned with health and fitness. KFit creates a 'win-win-win' situation for these individuals, the fitness industry, and society as a whole," Neoh says.
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