Lifemost, a Dubai-based well-being management platform providing corporate wellness programs, has raised US$650,000 in a pre-seed funding round co-led by MENA-focused angel investors, according to a press release.
The B2B wellbeing platform for physical and mental health is targeting the $7 trillion wellness market to provide technological solutions for supporting the MENA corporate sector.
Lifesmost offers a B2B platform for companies to provide employees with physical and mental health activities with fast access from one mobile app. It includes four types of products based on company needs: access to a network of studios for activities and training; corporate events and team-buildings from coaching, and mindfulness to stress management workshops; lectures and sessions; and online courses and live sessions features with over 350 pre-recorded fitness classes and educational lectures.
Funds will be spent on further product development and marketing as well as exploring new partnership opportunities in the MENA market.
“The MENA wellness market has no complex solution for corporate well-being activities that are extremely important for companies recruiting, sustainable functioning, and maintaining the health and motivation of employees.
“Lifemost offers companies a customized solution by tailoring the platform’s content in alignment with their specific needs. Therefore, employees gain access to a diverse range of fitness and wellness activities, while top management and HR professionals receive an all-in-one wellness solution with ongoing analytics on engagement rate”, according to Dennis Yudchitz, CEO and founder of Lifemost.
Lifemost was established with the vision of cultivating a healthier, more productive lifestyle among employees.
Now the platform provides 1,000+ activities across Dubai and Abu Dhabi, available in more than 120 locations with plans to increase the latter to 300 by the end of the year.
According to the latest data, 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, which means that companies require new solutions for recruiting and work performance of high-level employees and specialists, the press release added.
Research on corporate well-being market trends reveals that companies implementing wellness programs experience, on average, 28% less absenteeism, 30% lower healthcare costs, and a 15% increase in productivity.
Furthermore, the global well-being industry demonstrates a significant growth trajectory, with consumers worldwide investing more in wellness, resulting in a market size exceeding $4.4 trillion and annual growth rates ranging from 5 to 10 per cent. Moreover, the wellness industry in the Middle East is witnessing stable growth and is estimated at over $108 billion.
The UAE’s online health and fitness market is forecast to contribute $36.5 million in 2025. The industry could reach almost $7 trillion globally by 2025.
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