East Ventures Provides Early Stage Funding for Health Startup "The Fit Company"

East Ventures announces new funding for health and lifestyle startup The Fit Company for an undisclosed amount. No other investors participated in this round. Funding will be used for business expansion and launching websites and applications in order to shift from offline to online.

Managing Partner East Ventures Willson Cuaca said, The Fit Company is filled with people who have a high interest in what they do. What's more, category wellness relatively new in Indonesia and there is a great opportunity because now there is a shift in lifestyle among middle and tributary.

"These people, the basic needs are no longer just food and clothing, but wellness so that they are more aware to live a healthy life and so on. We believe The Fit Company team has the right vision and strong execution skills to unlock the potential wellness economics in Indonesia," he said, Tuesday (29/1).

The Fit Company CEO Jeff Budiman added, the concept wellness ecosystem classified as foreign to Indonesians. Even though globally the potential Wellness Economy (includes health-tech, fit-tech, and healthy food), quoted from the Global Wellness Institute, reached $4,2 trillion or around Rp. 59 thousand trillion in 2017. This figure is predicted to grow by around 6,4% annually.

"Wellness: it's not just about physical health, but also tourism, personal care, healthy food, medicine, and public facilities. A lot of intersection with all these elements with our line of business," explained Jeff.

The Fit Company is a holding company with five business lines consisting of: credoaum (fitness equipment distributor), 20Fit (MicroGym), Fitstop (Gym), Fit Lokal (healthy food restaurant), and Fitmee (healthy instant noodles). Kredoaum and 20Fit were started by Jeff and his two friends since 2014. Now 20Fit has 16 studios spread across Jabodetabek.

Then, Fit Local was present in 2017 because there were challenges in a healthy lifestyle, namely diet. Fit Local is now available in three locations, simultaneously in the same year launching Fitmee because Indonesia is one of the countries with the 2nd highest consumption of instant noodles in the world.

"Holding This is only this year, before all businesses went their own way."

The Fit Company's business plan

Jeff said with this funding, in the early stages the company will focus on shifting its business from conventional to online. Starting from the beta version of the 20Fit site in March 2019 by selling healthy food products. Applications will follow at a later stage.

Later, both the application and the site will become a marketplace that connects all lines of The Fit Company's business so that it is more integrated. The big concept is that this application will provide information related to training schedules, lunch catering menus, ordering dinner, and so on.

"We believe in business and a healthy lifestyle journeySo first, we want to sell healthy food through 20Fit. After that, in the second semester, the application will be launched, you can search later trainers through the app."

The company also plans to recruit former Indonesian athletes to be registered as trainers on The Fit Company's platform. The goal is that they will continue to earn according to their abilities, users will increasingly have more choices of sports to choose from.

Jeff explained that his party will be preparing to enter the segment wellness tourism next year. He has not described many things related to this, whether it will be done with other companies or alone.

But he analogized wellness tourism it's an interesting tourist area to visit and has a special reason to visit it. Like Ubud and Banyuwangi. Ubud is a suitable tourist area for "healing."

"Then we want explore Furthermore, hopefully we can make it happen in 2020," he concluded.