RIYADH: Wa’ed, the entrepreneurship arm of Saudi Aramco, has announced a $500,000 bridge investment in GetMuv, the Jeddah-based app dedicated to fitness clubs and health centers.
The investment was through the company’s venture capital arm, Wa’ed Ventures, and is the second injection of cash in GetMuv, following on from a $1.5 million investment in 2019.
The app, which gives Saudi men and women the opportunity to have flexible health and wellness memberships at gyms throughout the Kingdom, plans to use the new funding to expand into the Kingdom’s corporate health and wellness sector.
Wassim Basrawi, Wa’ed managing director, said: “This latest funding reflects our confidence in GetMuv’s business model and clear value to the Kingdom’s future. As an innovative, digital solution that is helping boost fitness levels nationwide, GetMuv is another example of ingenuity that is ‘Made in Saudi Arabia’.”
Ibrahim Yousef, GetMuv CEO and co-founder, said: “Since our start-up was created at the end of 2017, GetMuv has developed a loyal customer base of 130,000 registered sport and fitness enthusiasts who gain flexible, affordable and on-demand access to over 100 top gyms, including Body Masters, KORE, Arena, NuYu and other sports clubs across Saudi Arabia.”
The GetMuv deal comes soon after the announcement of Wa’ed’s $500,000 investment in Ynmo, the first Arabic-English software platform for teachers of students with disabilities. The funding, through Wa’ed Ventures, will help the Makkah-based startup invest in its software, hire more staff and expand its services.
Earlier this year, Wa’ed reported that it had tripled the amount of money loaned to startups in the Kingdom last year.
The Dhahran-based initiative gave out 12 loans to small and medium-sized enterprises (SMEs), up from four in 2019, with the value surging to SR31 million ($8.27 million), up from SR10 million in 2019.
In terms of venture capital funding, Wa’ed deployed SR43 million to SMEs, up 34 percent year-on-year.
“In a very challenging year, I am proud of the Wa’ed family, which includes my team and our resilient entrepreneurs, for rising to the challenges and keeping us on track to deliver an even greater impact in 2021,” Basrawi said.