The wellness and fitness sector is the one that has gained attention since the COVID pandemic hit us. The lockdown increased people’s awareness of their mental and physical health while keeping it constantly in focus. The CEO of a Mumbai-based fitness and wellness company with two years of operation recently joined us for a meeting. He had developed a platform that allowed users to receive in-home guided sessions on physical fitness and mental wellbeing.
The global health and fitness market has been growing for a very long time. By the year 2025, it is anticipated to reach more than $600 million in Southeast Asia alone. Due to the market’s size, over $36.5 million in revenue will be produced during the same time period.
These figures have come to be supported by a number of factors, with COVID being the most significant. Reports state that the pandemic led to a 10% increase in enrollment for on-demand fitness and wellbeing classes in 2021 alone, indicating that people began to pay more attention to their health and the value of exercise during this time period.
The CEO of the fitness company asked for $5 million in Series A funding from the investors, along with advice on how to expand the model across international borders and dominate the market for wellness services. They aimed to complete the Series A round in 8 months, which corresponded to their projected business timeline.
When we first met with the founder, our strategy was to find out what they intended to gain from the money and determine whether going the traditional funding route would be the best course of action.
After dealing with that, we continued our search for investors by looking for people who had previously invested in businesses with similar business models or who had expressed interest in working with a wellness company. In order to do this, we combed through our huge investor database and created a list of potential investors, for whom we then launched an outreach campaign.
We started contacting investors once we had all the paperwork and the business deck ready. Our emails received a flood of responses in 2 days, asking for pitch decks and asking to set up calls with the company.
Getting the requested funding took about 9 months once we got to the point where conversations between investors and the company began. After obtaining the necessary funding, the company is now assembling a group of fitness and wellness enthusiasts to help it expand.
Additionally, to make the platform accessible to a wider audience, more feature sets have been added.
