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, GetMuv through its mobile apps 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 stps 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, who was previously with Bupa Saudi, 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.