Fitness industry focussed software as a service (SaaS) platform FitBudd, on Wednesday announced that it has raised $3.4 million in a seed funding round from Accel India, Beenext, Sequoia Capital India and Waveform Ventures.
FitBudd said that it will use the funds to drive product development and accelerate client growth. The startup says that it is solving two core problems. First, it helps coaches better engage with and retain their clients. Also, it coaches to be far more accessible to clients across the globe, enabling them to grow internationally.
Founded in 2021 by Saumya Mittal, Pranav Chaturvedi, and Naman Singhal, FitBudd offers customer relationship management (CRM) software, payments, comprehensive fitness and nutrition modules, advanced tracking and analytics, interactive chat, and video calling capabilities to its customers.
Within a year of launch, hundreds of coaches across over 20 countries are using FitBudd to help tens of thousands of their clients lead healthier lives, the company said in a release.
“While personal coaching has been established as a proven method for long-term fitness, it has been inaccessible for the vast majority of the population due to cost. With FitBudd, we aim to democratise personal coaching by making it available at one-fifth the cost,” said Saumya Mittal, co-founder and chief executive, FitBudd.
The startup was part of the first cohort of Atoms, an accelerator program by Accel India to support pre-seed startups with access to non-dilutive capital, mentorship from founders and operators, and a community to help them grow.
The global online/virtual fitness market was valued at $6 billion in 2019 and is anticipated to reach $59.23 billion by 2027, growing annually at 33.1% from 2020 to 2027, according to a recent report by Allied Market Research titled, "Virtual or Online Fitness Market by Streaming Type, Device Type, Session Type, Revenue Model, and End User: Opportunity Analysis and Industry Forecast, 2020-2027."
In the fitness tech segment, FitBudd pits against GymMaster, Acuity Scheduling, FitSW, EZFacility, and My PT Hub, among others.