Yangon Capital Partners (YCP), Seed Myanmar, and Nest Tech come back as investors for the Yangon-operated second funding round
Flexible Pass, Myanmar-based health and fitness app, announces that it has raised a six-digit Pre-Series A funding.
Without revealing the total funding raised, the second funding round was raised from three existing investors from the company’s first funding round: Yangon Capital Partners (YCP), Seed Myanmar, and Nest Tech.
The company said that it will use the funding to expand into the wellness industry by offering services such as spa and beauty services.
It will also develop a new subscription-based B2B product for businesses in the beauty and wellness industry that will be launched by the end of this year.
Flexible Pass currently operates in Yangon, Mandalay, and Pyin Oo Lwin after expanding in March 2019. It claimed to have over 1,000 monthly active users making over 2,500 bookings per month.
Through its mobile app, users can create an account, buy Flexible Pass points using a variety of payment options, and start making bookings.
Founded in March 2017 by its Founder and CEO Sully Bholat, Flexible Pass is a pay-as-you-go fitness pass that users can use to make bookings for 20 different fitness activities at over 150 locations across three cities of Myanmar.
Bholat admitted that he “derived” inspiration for the business from US-based fitness class subscription platform ClassPass in the US. When he saw a similar platform, GuavaPass, emerge in Asia, he started work on bringing his own version of it to Myanmar.
Flexible Pass is a graduate from Founder Institute, the idea-stage accelerator and startup launch programme run through Phandeeyar in Myanmar.
Flexible Pass is also a winner of 2017 Startup of the Year for Myanmar and Best HealthTech Startup of the Year for two years in a row in 2017 and 2018 for Myanmar, all in the ASEAN Rice Bowl Startup Awards.