East Ventures invests an undisclosed seed funding to a wellness startup The Fit Company. The investment will support The Fit Company’s efforts in building a technology-enabled ecosystem for wellness-oriented products and services.
The Fit Company is a holding company focuses on active and healthy lifestyle products. Currently, the company have five business lines namely fitness tech distributor Kredoaum, microgym 20Fit, conventional gym Fitstop, healthy food restaurant Fit Lokal, and healthy instant noodles made from konjac Fitmee.
“Currently, no one in the market is addressing the issue of active lifestyle in a holistic way. It’s either they provide only training or only food, but never the whole pipeline. With this knowledge, the idea of combining all of our products and services into one ecosystem arouse,” says The Fit Company CEO Jeff Budiman in a statement.
“We are really excited to receive the support from East Ventures. As a company, East Ventures has an impeccable track record in growing and expanding a company, and we cannot wait to start. This is only the beginning of our journey,” Budiman adds.
In 2014, Jeff Budiman, Prianka Bukit and Bambang Bukit—popularly known as Indonesian singer with a nickname “Bams”—started the business by establishing Kredoaum and 20Fit as they saw opportunity in the rapid development of technology that changed society’s behaviour and habit. They saw that people that lived in urban areas tend to seek instant solutions to maintain health and wellness.
The company then expands its wings to other businesses in 2017, when they noticed potential demand for healthy food. They opened Fit Lokal, a restaurant chain serving healthy and low-calorie dishes, which now has three branches in Jakarta. Indonesian love with instant noodles also inspires them to create a low-calorie instant noodle product made from konjac flour called Fitmee. They claim that Fitmee received a good acceptance, growing 20% each month in sales.
A year later in 2018, the company tried to cater demand for conventional gym by opening Fitstop at Menara BTPN Kuningan. Meanwhile, they operate the microgym 20Fit, which was also co-founded by jazz singer Andien Aisyah, in 16 studios across Greater Jakarta Areas. The microgym boasts the ability to cut training time to 20 minutes compared to three hours conventional gym session with the same impact.
Willson Cuaca as the managing partner in East Ventures explains that there is a big potential in Indonesia young consumer population who spend more on discretionary items. They see that this kind of new consumption behavior creates a huge opportunity for a new ecosystem, especially in the health and wellness sector.
“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. We believe The Fit Company team has the right vision and string execution capability to unlock Indonesia’s wellness economy potential,” he says in an official statement.