Wa'ed Ventures, the entrepreneurial venture capital arm of Saudi Aramco, has invested $1.5 million in GetMuv, a smart-mobile platform that connects fitness seekers with sports clubs, instructors, events and venues within Saudi Arabia.
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.
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.”
Ali Sheneamer, lead co-founder of GetMuv, stated: “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 per cent 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.”
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 be part of their journey in getting people moving to a healthier lifestyle”.
GetMuv operates a user-friendly web-based platform for gyms and fitness centres to streamline the offering process via customized account features for each centre’s management, individual branches, and front-office employees. It also features an integrated payment platform that accepts most major credit cards, SADAD payments, and an in-app rechargeable wallet.
Wa’ed Ventures is a $200 million venture capital fund that invests in innovative and impactful, early-stage startups with high growth potential that promote economic development in the Kingdom and enhance the entrepreneurship and innovation ecosystem.