Ibtikar Fund Announces Investment in Inggez
On November 25, 2019, Ibtikar Fund announced its investment in Inggez, a mobile app offering on-demand access to gyms and fitness studios (classes), allowing people to get active without committing to one single membership.
Inggez’s target market is the vast majority of people who do not work out on a regular basis. Through Inggez, people can explore different fitness options, learn more about different gyms’ offerings and classes, and easily book a slot, paying only when they work out. In this way, they partner with gyms and fitness studios, helping them leverage their space and maximize their revenues by tapping into a new customer segment.
“Inggez targets the MENA fitness market, that, with just two percent of adults going to the gym, was valued at over USD 3 Billion in 2017,” explained Ambar Amleh, Partner at Ibtikar Fund, “this data shows a huge opportunity for Inggez in helping the remaining 98% of adults go to the gym, while also addressing the growing health problem of obesity in the region.”
The opportunities are endless—besides expanding geographically, Inggez will test various service offerings both to its gym partners and its end users.
“We are excited to duplicate our early success in Palestine to enter the Egyptian market and help provide people there with a flexible and affordable way to stay fit,” explained Ali Tazami, Inggez’s Founder and CEO, “our mission is to build the closest thing to ‘press button, pay money, get fitter’ product that relies on convenience instead of will power and help everyone access the best possible fitness options, any time, anywhere.”
Inggez was founded by Ali Tazami and Subhi Mara’beh, who together have years of product management and development experience. With Ibtikar’s investment, Inggez will expand beyond Palestine to other Arab countries, starting with Egypt, where they have just soft-launched their app in Cairo.