Globally, people have started to look for new ways to feel healthier, happier and less stressed. As gyms faced a massive shutdown during the Covid downturn, fitness apps became the go-to place to keep fit while being at home.
Betting big on the new trend, Istanbul-based digital fitness app ULive, which enables users to work out from anywhere they want, has received an investment of $600,000 to reach a valuation of $6.6 million. ULive will continue its journey in the global market under its new brand name Urban Active to expand into the U.S. with the new funding.
The fitness application of Urban Riders was founded as a group training studio. The app now allows users to exercise anytime and anywhere via its user-friendly interface. It offers Livestream workouts in various areas such as boot camp, pilates, stretching, dance, cycling, and mobility with more than 22 instructors working in-house while allowing customers to access all its recorded workouts via its library which also enables them to create customised programmes.
The investment was led by TechOne Ventures and twozero Ventures and backed by Sankonline, Angel Effect and other angel investors.
The fitness app has 75,000 active users with more than 35,000 users from 16 different countries. According to the company, its monthly revenue grew to over $10,000 in a short period of 12 months with an average monthly growth rate of 30%.
Going forward, ULive is also planning to acquire a physical studio in the U.S. as it aims to increase its subscriber acquisition in the international market.
Talking about its plans in the U.S., founder and CEO of ULive Ahmet Berkman said: “We aim to move our headquarters to the U.S. with our new identity. This will help us reach wider communities through higher quality content and create more useful insights. Our goal is to reach 50.000 paid subscribers in the next 12 months.”
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