RIDE, the Indonesian wellness startup that is known for its indoor cycling programme, announced its new name R Fitness after raising IDR17.7 billion (US$1.25 million) pre-Series A funding round by Intudo Ventures, Agaeti Ventures, and SMDV, according to a DailySocial report.
The decision to rebrand, the company said, is a strategic one as it seeks to fulfil the mission to make wellness accessible for everyone.
Under R Fitness, there will be several wellness products launched, such as Ride (nightclub-style indoor cycling fitness programme), Rave (cardio exercise programme), Reflect (mental health programme), and The POD (microgym facility access provider).
“We’ve been in operation since four and a half years ago when boutique fitness movement is still a new concept to grasp. The market has matured now and many investors start to notice this industry,” said CEO & Co-Founder RIDE Jakarta Gita Sjahrir.
This is the second time the independent venture capital Intudo Ventures invests in R Fitness, after participating in the seed funding round of the company back in February 2018. Recently, the VC closes its US$50 million second fund targeted at Indonesian startups.
Agaeti Ventures is the VC firm based in Indonesia that focusses on pre-Series A and Series A funding. Back in March 2019, Agaeti Ventures participated in the US$7.6 million fundraisings of Indonesian logistic tech Kargo led by Sequoia Capital India.
SMDV is tech-focused venture capital that claims that it is on a mission to “change the landscape in Indonesia and the region by providing venture investments, strategic network, and mentorship”. With East Ventures and Yahoo! Japan, SMDV has launched new VC firm EV Growth that focusses on Series B funding and has raised US$150M for startups in Southeast Asia, particularly Indonesia
SMDV often participated in funding led by East Ventures, like the recent investment in grab-n-go coffee chain Fore Coffee in January.