Fitness studio Ride Jakarta raises $1.25m in pre-Series A funding round

Indonesian wellness startup R Fitness (also Ride Jakarta) has raised IDR17.7 billion ($1.25 million) pre-Series A funding round by Intudo Ventures, Agaeti Ventures, and Sinar Mas Digital Ventures (SMDV), according to an announcement.

Sinar Mas Land, Centre Park, RHL Ventures and East Ventures also participated in this round.

The company will use the proceeds to introduce a ‘Pod’ micro studio format, develop new fitness offerings and hire employees.

R Fitness was founded in April 2015 by Sjahrir with co-founder and COO Adhit Lesmana. It focuses on premium boutique experiences for indoor cycling (Ride), STRONG by Zumba, circuit training, meditation, yoga and rotating specialized fitness courses in select locations.

The wellness startup last year raised $500,000 in seed funding led by Intudo Ventures, with participation of East Ventures and PT Prasetia Dwidharma.

“Through its Pod, R Fitness is adopting a new business model to address Indonesia’s unique local circumstances. We are excited to support R Fitness’s evolution into a comprehensive fitness brand that can meet the health and wellness needs of more Indonesians across all members of society,” said  Patrick Yip, Founding Partner at Intudo Ventures.

Intudo Ventures recently closed its second fund at $50 million. The early-stage fund will focus on investing in Indonesia-focused companies capitalising on the rapid growth of private consumption and rising middle class in the country.

Agaeti Ventures is a VC firm based in Indonesia that focuses on pre-Series A and Series A funding while Jakarta-based SMDV is a venture capital firm that finances and mentors tech companies.

Indonesia-based fitness studio and classes booking startup DOOgether in April raised an undisclosed amount in a seed funding round led by Gobi Agung and joined by Everhaus, Prasetia Dwidharma, and Cana Asia.

Original post by Quynh Nguyen on DealStreetAsia