Jeddah-based fitness startup GetMuv has raised $1.5 million investment from Saudi Aramco’s venture capital arm, Wa’ed Ventures, the firm announce today.
Founded last year by Ibrahim Yousef and former Bupa Saudi executive Ali Sheneamer, GetMuv through its iOS mobile app connects users with sports clubs, instructors, events and venues within the Kingdom for different fitness-related activities. The apps allow users to search, book and pay in simple steps without any long-term commitments with gyms.
“The application fosters new markets for active sports such as archery and horseback riding, alongside lifestyle activities in niche gym studios such as yoga, Pilates and Zumba, among others,” said the statement.
Ali Sheneamer, co-founder of GetMuv, said, “We are delighted to be part of Wa’ed Ventures’ innovative investment portfolio of ventures in Saudi Arabia. Currently, existing subscriptions of licensed gymnasiums generate more than $800 million in annual revenue within the entire Kingdom, with a low physical activity rate of 13% and an underdeveloped female gymnasiums market.”
“GetMuv aims to enhance the local impact of our sports sector via easing access to sports, lifestyle and fitness outlets and alternative sports activities even without upfront paid memberships or institutional restrictions. We have already witnessed a strong initial success rate in Jeddah and Riyadh, and aim to expand further within the Kingdom starting with the Eastern Province,” he added.
GetMuv as of today has 90 across the Kingdom and has a waiting list of over 400 outlets to be added to their platform, their co-founder Ali Sheneamer told MENAbytes, adding that their services are currently available in Riyadh, Jeddah and the Eastern Province with more cities to be added by Q2 this year.
Khalil Al Shafei, CEO & Managing Director of Wa’ed Ventures, said, “Entrepreneurship and SME’s are an integral part of a country’s organic economic development, and the current market is in need of innovative, accessible health and fitness platforms like GetMuv. This venture carries strong potential for in-Kingdom economic growth through market augmentation and enhanced job creation within the sports sector, not to mention the impact it will have on reducing health risks by facilitating access to more diverse activities.”
Reflecting on the investment, Mr. Salman T. Jaffrey, Chief Investment Officer at Wa’ed Ventures, added: “An integral part of our investment philosophy is targeting startups that provide market accessibility and scalability through innovative and dynamic platforms and business models. We are excited at the prospect of GetMuv and looking forward to being part of their journey in getting people moving to a healthier lifestyle”.
GetMuv also offers a web-based platform for gyms and fitness centers that comes with an integrated payment platform, allowing them to accept credit card and SADAD payments.
The startup plans to use the investment to further develop its product, expand its team, and launch in new cities.
Update – Feb 13 – 9:40 AM GMT: Some more details were added after receiving comments from GetMuv’s co-founder.
- ZoodPay acquires Pakistani consumer lending fintech Tez - May 23, 2022
- Colabs raises $3 million seed to make it easy for entrepreneurs and freelancers to build and grow businesses in Pakistan - March 30, 2022
- FlapKap – A fintech revolutionizing e-commerce and SAAS growth in MEA – Launches and completes $1.2 Million fundraise - March 23, 2022