Indonesia Health Tech Startup, The Fit Company, Raises Funding
The Fit Company, an Indonesia-based wellness tech startup, raised an undisclosed amount of seed funding from East Ventures, whose Indonesian investment portfolio includes unicorns Tokopedia and Traveloka. The funding will be allocated to build a technology-enabled ecosystem offering wellness-focused products and services.
The Fit Company was launched in 2014 with a product called 20Fit to address the issue of daily physical exercise. With 20Fit’s Electro Muscle Simulation (EMS) training technology, customers can cut down training time from 3 hours to only 20 minutes. Within 2 years of operation, 20FIT has grown with more than 30 studios located all around Indonesia and 1 studio in Cambodia. Subsequently, the company adds Fit Lokal, a healthier, low-calorie restaurant, and Fitmee, providing healthy instant noodle substitutes.
The Fit Company has expanded its portfolio since, adding two more products. They are Fitstop and Kredoaum, focusing on fitness center and fitness tech distributor respectively. The company plans to launch its mobile application in the first quarter of 2019.
Indonesia’s health tech sector has a huge potential, supported by its young consumer population and increase spending in discretionary spending. As reported last month, another Indonesia health tech startup, Gorry Holdings, secured fresh funding from Heritas Capital Management to expedite its expansion in the region.
(Sources: KrAsia; Digital News Asia)