Riyadh - Mubasher: Saudi-based Wa'ed Ventures has unveiled a $1.5-million investment in smart-mobile platform GetMuv, which connects fitness seekers with sports clubs, instructors, events, and venues in Saudi Arabia.
This came as part of Wa'ed Ventures’ efforts to invest in startups and small and medium enterprises (SMEs), the Saudi firm’s CEO and managing director Khalil Al Shafei said in a statement.
Wa'ed Ventures is the entrepreneurial venture capital arm of Saudi Aramco.
“This venture carries strong potential for in-Kingdom economic growth through market augmentation and enhanced job creation within the sports sector,” Al Shafei added.
Throughout the kingdom, annual revenues from subscriptions of licensed gymnasiums have exceeded $800 million, while physical activity rate reached 13% with an underdeveloped female gymnasiums market, GetMuv’s lead co-founder Ali Sheneamer said.
The web-based platform for gyms and fitness centres seeks to expand its operations in the GCC nation starting with the Eastern Province following its robust initial success in Jeddah and Riyadh, Sheneamer noted.
“An integral part of our investment philosophy is targeting startups that provide market accessibility and scalability through innovative and dynamic platforms and business models,” Wa’ed Ventures’ chief investment officer Salman T. Jaffrey said.
Al Shafei also noted that entrepreneurship and SMEs were an integral part of any country’s “organic economic development,” indicating that Saudi Arabia’s market was in need of innovative, accessible health and fitness platforms like GetMuv.
