GetMuv, a fitness startup from Jeddah, has bagged $1.5 million in investment from Saudi Aramco’s venture capital wing, Wa’ed Ventures.
Barely a year old, GetMuv has already gained traction among fitness enthusiasts in Saudi Arabia by offering a dedicated mobile app that allows users to connect with instructors, sports clubs, events, and various fitness-related activities throughout the Kingdom.
The GetMuv app enables users to search and book gyms on the go. And to add charm to that convenience, the app also supports the pay-as-you-go model, meaning users are free to pay only for their workout sessions without having to commit long-term to one particular gym.
Speaking of the new alliance with Wa’ed Ventures, Ali Sheneamer, co-founder of GetMuv, 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.”
Sheneamer added that GetMuv is already a smashing hit in major Saudi cities including Riyadh and Jeddah, prompting the company to push for further growth in the rest of the country — particularly the Eastern Province.
Echoing GetMuv’s stated objective of filling up the gap between supply and demand in Saudi’s fitness market, Khalil Al Shafei, CEO & Managing Director of Wa’ed Ventures, said that the Kingdom is indeed in need of modern, comprehensive, and flexible fitness platforms like the one offered by GetMuv.
Meanwhile, Mr. Salman T. Jaffrey, Chief Investment Officer at Wa’ed Ventures, commented on the firm’s new investment by saying: “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 being a part of their journey in getting people moving to a healthier lifestyle”.