HOT Technologies raises $1.1M Seed funding round
HOT Technologies, a Kuwait-based digital fitness startup, has successfully closed it’s $1.1M Seed funding round, from strategic regional angel investors at an undisclosed valuation.
• HOT Technologies is a subscription-based fitness application that makes fitness accessible and rewarding by putting exceptional workouts in your hands so that you can train anytime and anywhere.
• Their goal is to ultimately become the solution to motivate people in the MENA region and beyond to lead a healthy and happier lifestyle, by implementing technology and some of the best minds and bodies in the fitness world.
• The funds will be used to further develop their product offerings to provide people an addicting take on fitness by leveraging the latest technology and by onboarding top coaches across the Middle East.
Founder and CEO, Nezar Al Saleh said, "We can't wait to show our region, as well as the world how the HOT app can make fitness fun, social, and empower us all to lead a healthier lifestyle... COVID-19 helped shed light on the value of training regularly at your own time and place."
Read the full press release below.
Kuwait-based HOT Technologies, a digital fitness startup, has successfully closed it’s Seed funding round. The round was oversubscribed, closing $1.1 Million from strategic regional angel investors at an undisclosed valuation.
HOT Technologies is a subscription-based fitness application that makes fitness accessible and rewarding by putting exceptional workouts in your hands so that you can train anytime and anywhere. It includes thousands of hours of curated and localized fitness content. For instance, they host a daily schedule of live classes that cater to different levels and goals. During a live class, the coaches will challenge attendees, call their names during class, and invite them to their next classes. HOT will soon be launching exclusive content for guided personal training sessions, alongside other features.
Founder and CEO, Nezar Al Saleh is a three-time entrepreneur who is committed to creating a healthier and greener future. Nezar stated, "We can't wait to show our region, as well as the world how the HOT app can make fitness fun, social, and empower us all to lead a healthier lifestyle."
"We're blessed to have had believers in our vision and team from the start. The current climate did not really impact our fundraising efforts. We were blessed to be oversubscribed and had to align with investors that had the most value add."
Nezar continued, "COVID-19 helped shed light on the value of training regularly at your own time and place. Without tech-enabled solutions such as HOT, quarantine would have been harder than it was on many people. During this period, we experienced unprecedented growth, and are happy to have most of these users continue living a healthy lifestyle."
Their goal is to ultimately become the solution to motivate people in the MENA region and beyond to lead a healthy and happier lifestyle, by implementing technology and some of the best minds and bodies in the fitness world.
With this round, HOT Technologies will use the funds to further develop its product offerings to provide people an addicting take on fitness by leveraging the latest technology and by onboarding top coaches across the Middle East.
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Despite a rocky first half of the year, Saudi Arabia’s startup funding increased by 102% from H1 2019 to H1 2020, with H1 2020 already surpassing full-year 2019 by the amount of funding. Discover more data by downloading our FREE H1 2020 Saudi Arabia Venture Capital Snapshot.
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