17/10/2018 – Burmese health and fitness platform Flexible Pass, has secured Nest Tech as an investor alongside Seed Myanmar and Yangon Capital Partners (YCP), the investment arm of financial advisory firm Trust Venture Partners (TVP).
The fundraising amounts to a six-digit dollar round which the company plans to use to expand into new markets such as beauty and lifestyle, in addition to the current fitness focus.
Besides, Flexible Pass also intends to expand geographically to cover neighboring city Mandalay, the second largest city in population. Currently, the platform’s main coverage is in Yangon.
Founded in June 2017, Flexible Pass lets users buy points and make bookings at 80 affiliated fitness locations in Yangon which include gyms, fitness centers, and hotels. Users can also select among 19 different fitness categories on its platform.
Sully Bholat, the Founder and CEO of Flexible Pass claims that the company receives thousands of bookings per month, adding that “Flexible Pass has undergone a remarkable growth in a short period of time due to our unique positioning and the first mover advantage in the market,”
“We are looking forward to the exciting journey ahead for us in 2019 to execute our vision of providing people in Myanmar with affordable and flexible fitness and lifestyle options,” Bholat added.
Graduated from Founder Institute, the idea-stage accelerator and startup launch program run through Phandeeyar in Myanmar, Flexible Pass is also a winner of Rice Bowl’s “Startup of the Year in 2017” and “Best HealthTech Startup of the Year” in 2017 and 2018 in Myanmar.
“Flexible Pass is disrupting the traditional health and fitness industry and has huge potential to become a major regional player in this sector. We look forward to being a part of the growth and success of this startup,” said Soe Moe Kyaw Oo, the Founder and Managing Partner of Nest Tech.
Nest Tech is a VC firm that actively backs technology startups in Myanmar, Vietnam, and Singapore. Its portfolio is primarily made up of market-validated startups with a focus on FinTech, HealthTech, and Smart Cities.
Currently, Nest Tech’s active investment includes medical service provider AlemHealth, advanced cyber threat protection service Apvera, and fitness technology platform Shapescale.