East Ventures invest seed funding in ‘The Fit Company’
East Ventures announces today the investment the VC has made into The Fit Company, a holding company that focuses on active and healthy lifestyle products. The amount invested is not disclosed.
The Fit Company plans to use the seed funding to accelerate its mission to build a technology-enabled ecosystem consisting of wellness-oriented products and services to promote a more active and health-conscious lifestyle.
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“We are really excited to receive the support from East Ventures, who is known for growing and expanding a company and we cannot wait to start,” said Jeff Budiman, CEO of The Fit Company in a press conference at Fitstop Kuningan.
Willson Cuaca, East Ventures’ Managing Partner shared that the young consumers below 30 years old are the main target of The Fit Company. “Indonesia has big potential through its young consumer population – close to 60% is below 30 years old, and they increasingly spend on discretionary items. This new consumption behavior presents a huge opportunity for a new ecosystem, especially in the health and wellness category,” explained Cuaca.
The lifestyle is further supported by the on-demand and O2O platform’s recent rise in the country.
The Fit Company captures the holistic products and services market, offering activity, FMCG, tools and equipment, and ready to eat F&B; all in one platform.
“People today demand everything to be fast and instant, but at the same time, the awareness of health investment is increasing too. We realise that the whole pipeline of the so-called ‘wellness economy’ is there for the taking,” Budiman added.
Currently, the company that was started in 2014 by Budiman, Prianka Bukit, and Bambang Bukit has 5 business lines consisting of Kredoaum (Fitness tech distributor), 20Fit (MicroGym), Fitstop (Gym), Fit Lokal (healthy food), and Fitmee (Healthy Instant Noodles made from konjac).
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Indonesian public knows The Fit Company best from its viral, personalized training method using Electro Muscle Stimulation (EMS) technology called 20Fit, that’s able to cut down training time down to only 20 minutes with the same impact as 3 hours conventional gym session.
To date, The Fit Company claimed that it managed to open its restaurant’s arm Fit Lokal in three locations within one year of operation and just opened its first conventional gym Fitstop last year.