VC firm Nest Tech joins Seed Myanmar and Yangon Capital Partners to close the six-digit dollar round for the company

The health and fitness platform from Myanmar Flexible Pass has completed its fundraising round worth of six-digit dollar closed by Nest Tech, a VC firm that actively backs startups in Myanmar, Vietnam, and Singapore, as reported by Deal Street Asia. Participating in the round were Seed Myanmar and Yangon Capital Partners (YCP), which is the investment arm of the financial advisory firm, Trust Venture Partners (TVP).

The company plans to use the funding to expand into new markets such as beauty & lifestyle and to cover neighboring city Mandalay, the second largest city in population.

Also Read: Online freelancing platform Fastwork raises US$4.8M led by Gobi Partners

Flexible Pass was founded in June 2017, and it has allowed the users to buy points and make bookings at 80 fitness locations in Yangon. Users may also choose among 19 different fitness categories on its platform.

“We are looking forward to the journey ahead for us in 2019 to execute our vision of providing people in Myanmar with affordable and flexible fitness & lifestyle options,” said Sully Bholat, founder and CEO of Flexible Pass.

Flexible Pass claims to partner with 80 gyms, fitness centers, and hotels that made their services available on the platform that receives thousands of bookings per month.

Flexible Pass was a winner of Rice Bowl’s ‘Startup of the Year in 2017’ and ‘Best HealthTech Startup of the Year’ in 2017 and this year consecutively in Myanmar. It was also the graduate of Phandeeyar-based Founder Institute.

Also Read: Zalora ropes in Gunjan Soni from Myntra as its new CEO

“Flexible Pass has huge potential to become a major regional player in this sector with its disruption in traditional fitness industry. We look forward to being a part of the growth and success of this startup,” said Soe Moe Kyaw Oo, Founder and Managing Partner Nest Tech.

–

Photo by Chinh Le Duc on Unsplash

The post Burmese fitness platform Flexible Pass has secured funding from Nest Tech appeared first on e27.