Lifemost, a Dubai-based well-being management platform, said it struck a pre-seed investment deal with a clutch of MENA-based angel investors.
The investment is to the tune of $650,000 and is to be used for product development and marketing.
Part of the fresh capital is to be spent on exploring new partnership opportunities in the MENA market, the company said.
Enhancing employee well-being with Lifemost
Lifemost offers a B2B platform for companies to provide employees with physical and mental health activities with fast access from one mobile app.
Its services include access to a network of studios for activities and training; corporate events and team-buildings from coaching, and mindfulness to stress management workshops; lectures and sessions; and online courses and live sessions features with over 350 pre-recorded fitness classes and educational lectures.
The company also provides customised options to meet the specific goals of companies.
“Our services help employees to gain access to a diverse range of fitness and wellness activities, while top management and HR professionals receive an all-in-one wellness solution with ongoing analytics on engagement rate”, said Dennis Yudchitz, CEO and founder of Lifemost.
Yudchitz said the MENA wellness market has no complex solution for corporate well-being activities that are extremely important for companies recruiting, sustainable functioning and maintaining the health and motivation of employees.
“Lifemost offers companies a customised solution by tailoring the platform’s content in alignment with their specific needs,” he said.
The Lifemost platform provides over 1,000 activities across Dubai and Abu Dhabi, available in more than 120 locations.
Yudchitz said the company has plans to increase the number of activities to 300 by the end of the year.
Research on corporate well-being market trends reveal that companies implementing wellness programmes experience, on average, 28 percent less absenteeism, 30 percent lower healthcare costs, and a 15 percent increase in productivity.
According to the latest data, 83 percent of employees believe their well-being is just as important as their salary, but 36 percent of employees don’t think their employer cares about their well-being.
“This means that companies require new solutions for recruiting and work performance of high-level employees and specialists,” Lifemost said.
The wellness industry in the Middle East, estimated at over $108 billion, has been witnessing stable growth over the years.
The UAE’s online health and fitness market is forecast to contribute $36.5 million in 2025. The industry could reach almost $7 trillion globally by 2025.
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