Well-funded startup unveils ClassPass-like fitness-sharing business model that keeps fitness partners busy and makes fitness more accessible, flexible and fun
|HONG KONG, CHINA – Media OutReach – 6 May, 2015 – KFit, the new fitness-sharing platform that is energizing Asia Pacific, has revealed the strength of its credentials and business model as it prepares to launch in Hong Kong this month.
KFit 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.
“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.”
With Neoh at the helm, KFit 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.
This investor confidence reflects KFit’s extraordinary growth potential. The company is building its business on a subscription-based collaborative consumption model that has already been proven globally and in the high-growth sharing economy in Asia. It charges a monthly subscription fee, rather than a per-transaction fee, which helps it rapidly increase revenue to support growth.
KFit launched in April 2015 in Kuala Lumpur and Singapore, with Hong Kong coming on board this month. 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
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. More than 75,000 enthusiasts across Asia Pacific have so far registered their interest in the service in just a few weeks. The KFit network is expanding rapidly with more than 100 new partners joining every week and consumer interest continues to build momentum.
“KFit is focused on building a platform capable of supporting millions of consumers and tens of thousands of partners across Asia Pacific,” Neoh reveals.
“Now is the ideal time for KFit to expand rapidly in the region. Here in Asia Pacific, there are many fitness providers and facilities that struggle to fill their classes and facilities, to keep their utilization rates high. 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,” he says.
Making it a lot easier and more fun to keep fit, KFit is revolutionizing the way people approach fitness and improving the relationship between fitness providers and consumers in Asia Pacific.
For a competitive monthly fee, KFit members take their pick from a huge range of exercise options near them, including classes at the most popular gyms and studios and slots at sports facilities. The new service gives people more choices in where and when they exercise and lets them add variety to their exercise regime to make keeping fit more fun.
Fitness companies in the KFit network benefit from the opportunity to promote their brands, attract new customers and fill otherwise-unutilized slots. This not only connects them with consumers beyond the reach of their current marketing efforts, but also immediately improves facility utilization and profitability.
One of the features that makes KFit uniquely suited to Asia Pacific lifestyles is the range of fitness activities it provides access to. KFit includes not only gyms and studios that offer CrossFit, Pilates, Zumba, cycling, yoga, dance, kickboxing, bodybuilding and much more, but also popular sports facilities such as badminton, tennis courts and more.