Fit Hub, an Indonesian fitness startup, has successfully raised $6.5 million to increase the availability of tech-enabled fitness solutions there.
According to a statement from Fit Hub, the funding will enable it to increase the amount of free workout content it provides online and to offer e-commerce for nutritious foods, fashionable clothing, exercise gear, and supplements.
By opening 100 clubs by year’s end, the company hopes to address issues in Indonesia like high membership costs and limited access to high-quality facilities.
The business will keep looking for talented people to add to its growing staff.
Early in 2022, Global Founders Capital, Trihill Capital, and Goodwater Capital provided $3 million in seed funding for the business.
Then, in December 2022, Wavemaker Partners led a $3.5 million seed extension round with contributions from Trihill Capital, East Ventures, Gentree, and BAce Capital.
“Fit Hub aims to address the increasing obesity rates in Indonesia, specifically among middle to low-income households, by democratizing fitness,
“Their market positioning is distinctive, providing hyperlocal gyms that are both high-quality and 50% more affordable than other options. We’re excited to support their development as they explore going regional in the coming years,” said B. Paul Santos, Managing Partner at Wavemaker Partners.
With a focus on the rising middle class and their desire for high-quality equipment, easily accessible facilities, and a friendly environment, Fit Hub digitizes the fitness experience and creates community-driven fitness centers.
Since its launch in August 2020, the company has grown to 60 clubs in 14 cities throughout Indonesia, bringing in over 50,000 paying members, of which half are gym newbies.
The startup’s $17 monthly pricing strategy fills a sizable gap in the Indonesian fitness market, where the typical gym membership costs $50 per month, and is partially responsible for its success.
“Gym-goers prefer an environment that enables them to concentrate solely on their workout and leave promptly,
“Inconveniences such as navigating through a mall to access the gym can prove inefficient, resulting in the need to navigate parking and foot traffic. This was the main thesis of why Fit Hub gyms are commonly found in standalone buildings,” said V. Ian Sulaiman, Vice President of Investments at Trihill Capital.