Saudi Aramco’s venture capital arm, Wa’ed Ventures, has invested $1.5 million in Jeddah-based fitness start up GetMuv.
The mobile app, which launched in 2018, connects users with sports clubs, gyms, fitness instructors and sports events in Saudi Arabia. It also allows them to pay for fitness classes and short-term gym memberships through credit cards, SADAD payments and an in-app rechargeable wallet.
Activities offered on the app include archery, horseback riding, yoga, Pilates and Zumba, among others.
Co-founder Ali Sheneamer said existing subscriptions of licensed gyms currently generate over $800m in annual revenue in Saudi Arabia, although the kingdom boasts a low physical activity rate and underdeveloped female gym 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,” he said.
Sheneamer said the app is looking to expand beyond Jeddah and Riyadh, where it currently operates, and into the kingdom’s Eastern Province.
Wa’ed Ventures CEO & Managing Director Khalil Al Shafei said Saudi Arabia is in need of an accessible health and fitness platform 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,” he said.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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