Fit Hub Secures US$6.5M to Expand Tech-enabled Fitness Solutions in Indonesia

JAKARTA,Indonesia,April 10,2023 --Indonesian fitness startup Fit Hubhas successfully raised US$ 6.5 million to make health and wellness accessible to all Indonesians. The Company received US$ 3 million in seed funding in early 2022 from Global Founders Capital,Trihill Capital,and Goodwater Capital,followed by a US$ 3.5 million seed extension round followed in December 2022,led by Wavemaker Partners,with participation from Trihill Capital,East Ventures,Gentree,and BAce Capital.

Jakarta (10/04)- Successfully raised US$ 6.5 million,Fit Hub aims to expand its offline and online presence by opening 100 new clubs by year-end,offering free workout content,introducing e-commerce,and hiring more talent.

The funding will expand Fit Hub's offline and online presence,offering free workout content and e-commerce for healthy foods,apparel,workout equipment,and supplements. Fit Hub aims to address challenges in Indonesia,such as high membership fees and limited access to quality facilities,by opening 100 clubs by year-end. The Company continues to recruit talented individuals to join the expanding team.

B. Paul Santos,Managing Partner at Wavemaker Partners,expressed his conviction for Fit Hub's mission: "Fit Hub aims to address the increasing obesity rates in Indonesia,specifically among middle- to low-income households,by democratizing fitness. Their market positioning is distinctive,providing hyperlocal gyms that are both high-quality and 50% more affordable thanotheroptions. We're excited to support their development as they explore going regional in the coming years."

Fit Hub digitizes the fitness experience and develops community-driven fitness centers,catering to the rising middle class seeking quality equipment,accessible facilities,and a welcoming atmosphere. V. Ian Sulaiman,VP of Investments at Trihill Capital,shared insights on Fit Hub's approach: "Gym-goers prefer an environment that enables them to concentrate solely on their workout and leave promptly. Inconveniences such as navigating through a mall to access the gym can prove inefficient,resulting in the need to navigate parking and foot traffic. This was the main thesis of why Fit Hub gyms are commonly found in standalone buildings."

Discover Fit Hub by downloading the FIT HUB Indonesia App or visitingwww.fithub.idto find your nearest location.

Since its launch in August 2020,Fit Hub has expanded to 60 clubs across 14 cities in Indonesia,attracting over 50,000 paying members,half being first-time gym-goers. The startup's success is partly attributed to its affordable pricing strategy of US$17/month,addressing a significant gap in the Indonesian fitness market where the average gym membership costs US$50/month.