The year has just begun, and for most of us, the New Year resolution is “to get healthier, lose weight and become fit’. Many of us rush for a gym membership, but sadly 70% of members quit membership within five weeks of joining! Personal coaching is another option but works out to be very costly for many. The result is perhaps a dip in morale and guilt.
Korean startup Sleek Corporation is all set to change that! The fitness company, founded in 2017, offers both online and offline group workouts through the ‘Sleek Project.’ The three main components of the project are offline group training, online coaching, and community. The company also used big data analysis to provide accurate and appropriate guidance. The client receives fitness and nutrition guidance with gamified programs on nutrition mission and workout mission. The users have to pass every mission to reach a level up in their journey to fitness. The exercise programs are designed to be fun, which easily become a part of your daily routine and become a habit. The coaches are highly trained professionals and come with thorough experience.
Fun, effective and affordable
Compared to other programs, the Sleek Project costs 30% less. At $20 per class or $150 per month, it is far cheaper than pilates, Crossfit and other programs. The company, founded in 2017, started with 214 clients and had already reached 15000 members as of January 2020! There is a 65% retention rate, which suggests fitness is an achievable target and not just a month-long New Year’s resolution. About 95% of users have noted positive body change and are happy with the program.
High growth Korean market
While the fitness market in the US is large, the Asian market remains to be explored to the fullest. South Korea especially has the highest growth potential (about $6 billion) in Asia and Sleek Corporation, plans to utilize the opportunity. The company received the first funding of $50000 in January 2019 and has received the second funding of $4 million in January 2020. It plans to raise $50 million by the end of 2021 and expand to Vietnam, Malaysia and Singapore. Its strategic partner, GoTo, is the biggest fitness club in Korea.