an Indonesia-based wellness tech company, The Fit Company, announced an undisclosed amount of seed funding from East Ventures. The funding will be used to accelerate the company’s mission to build a technology-enabled ecosystem consisting of wellness-focused products and services.
According to Willson Cuaca, managing partner of East Ventures, Indonesia’s young population and its consumption behaviour amount to a good opportunity for a new ecosystem to grow, especially in the health and wellness category.
“As Indonesia’s infrastructure for on-demand and O2O platform has been solid, it could expand the growth in this category by offering holistic products and services: activity, FMCG, tools and equipment, and ready to eat F&B; in one platform,” Cuaca said in a statement. “We believe The Fit Company team has the right vision and strong execution capability to unlock Indonesia’s wellness economy potential.”
According to Global Wellness Institute, the potential market of the wellness economy (including health tech, fit-tech, and healthy food) was estimated to be worth US$4,2 trillion in 2017 and grew 6,4% annually that year, which gives huge business opportunities for the industry players. Customers today are more open to embracing a healthy lifestyle.
However, in the Indonesian market, few address this issue which encouraged The Fit Company to form.
The firm consists of five business lines which were originally run as separate entities but came together in one ecosystem under the Fit Company umbrella. They are fitness tech distributor Kredoaum, MicroGym 20Fit, fitness centre FitStop, healthy restaurant Fit Lokal, and healthy instant noodles brand Fitmee. The Fit Company claims to be the first wellness tech startup in Indonesia and plans to launch its mobile app in the first quarter of 2019.
“After a period of sustained innovations in terms of products we realise that the whole pipeline of the so-called ‘wellness economy’ is there for the taking,” said The Fit Company’s CEO Jeff Budiman.
Editor: Nadine Freischlad