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Sequoia-Backed App KFit Raises $12 Million to Expand in Asia

KFit, an Asian gym membership app corroborated by Sequoia Capital, lifted $12 million in a array A appropriation turn as it tries to supplement aptness studios and enhance to some-more cities.

KFit Asia Sdn Bhd captivated investors led by Venturra Capital, as good as Susquehanna International Group and Axiata Digital Innovation Fund. Previous investors Sequoia and 500 Startups also participated, it pronounced in a statement.

Kuala Lumpur-based KFit gives members entrance to third-party gyms and aptness classes in 8 countries opposite a Asia Pacific region, including Singapore, South Korea and New Zealand. The association is operative with about 4,500 gyms and skeleton to enlarge a offerings to embody sauna and beauty parlors by a smartphone application.

“Expect some-more categories to be launched in a subsequent 3 to 6 months and some-more activities,” KFit owner Joel Neoh, a former clamp boss of Groupon Inc. Asia Pacific, pronounced in an interview. “Our idea is to make it elementary to build aptness and wellness into bland life.”

Southeast Asia is saying a bang in startups, as array A investments this year are approaching to double to 40 and strech a sum of during slightest $120 million, according to a news by Golden Gate Ventures.

In July, KFit lifted seed appropriation of $3.25 million. Sequoia’s biggest hits embody early investments in Apple Inc., Google Inc. and Yahoo! Inc.

Article source: http://www.bloomberg.com/news/articles/2016-01-31/sequoia-backed-app-kfit-raises-12-million-to-expand-in-asia