UAE – Dubai-based wellness startup Lifemost has secured US$650,000 in a pre-seed funding round to expand its operations in the Middle East and North Africa (MENA) region.
Co-led by MENA-focused angel investors, this new funding is fully aligned with Lifesmost’s growth plan to invest in product and brand development.
Lifemost will use the money to build its sales and marketing strategies as the wellness startup continues to explore new partnership opportunities in the MENA market.
In the wake of the COVID-19 pandemic, 83% of employees believe their well-being is just as important as their salary, but 36% of employees don’t think their employer cares about their well-being.
Lifesmost’s solutions will help companies explore new solutions for recruiting and the work performance of high-level employees and specialists.
In turn, companies can implement wellness programs to reduce absenteeism, lower healthcare costs, and increase employee productivity by a great deal.
These strategies will build on Lifesmost’s vision of cultivating a healthier, more productive lifestyle among employees.
In an official note, the company said: “Lifemost offers a B2B platform for companies to provide employees with physical and mental health activities with fast access from one mobile app.”
Lifesmost’s platform is well-designed designed to fill a “huge gap” in the MENA wellness market, where there is no complex solution for corporate well-being activities.
This comes as the wellness industry in the Middle East is witnessing stable growth and is estimated at over US$108 billion.
The United Arab Emirates’ online health and fitness market is forecast to contribute US$36.5 million by 2025.
“Currently, our platform provides 1,000+ activities across Dubai and Abu Dhabi. The corporate well-being activities are available in more than 120 locations with plans to increase the latter to 300 by the end of the year,” the company announced.
Lifemost offers four types of products based on the specific company’s needs such as lectures and sessions for employee wellness.
Through its holistic wellness platform, Lifemost offers customized options to meet the specific goals of companies.
Lifesmost’s site also has a wide range of online courses and live session features comprising over 350 pre-recorded fitness classes and educational lectures.
“Co-workers can book all these services and classes via the Lifemost membership app, while companies use special access to manage employees’ corporate wellness programs,” the startup stated.
Lifesmost’s platform also allows workforces access to a network of studios for activities and training to improve their health and well-being.
Additionally, employees can choose to either attend corporate events or participate in team-building activities such as coaching, mindfulness, and stress management workshops.
Commenting on the close of the company’s initial funding, Dennis Yudchitz, CEO and Founder of Lifemost, accentuated that Lifemost offers companies a customized solution by tailoring the platform’s content in alignment with their specific needs.
“Corporate well-being activities are extremely important for companies covering all aspects of recruiting, sustainable functioning, and maintaining the health and motivation of employees,” underlined Dennis Yudchitz.
The Lifemost Founder further pointed out that employees can gain access to a diverse range of fitness and wellness activities via the company’s digital platform at a considerable fee.
“Top management and human resources professionals can receive an all-in-one wellness solution with ongoing analytics on engagement rate,” underscored Yudchitz.
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