Dubai start-up LVL Wellbeing has raised $10 million in series A funding round that it will use to grow its services and reach more customers in the GCC, as part of global expansion plans.
The investment was led by MG Wellness Holding, a subsidiary of Abu Dhabi technology-focused holding company Multiply Group, and will be used to kick-start plans to move into Saudi Arabia as part of a regional growth strategy, LVL said in a statement on Wednesday.
It will also pave the way to integrate Multiply's HealthierU platform – an online marketplace that uses advanced telemedicine to connect users with licensed consultants from wellness centres and clinics across the UAE and the world – into LVL's operations, it said.
New features are also in the pipeline, including the Arabic version of the LVL app, and are slated to be launched in the second half of 2023, chief executive Gary Blowers said in the statement.
“Additionally, we will double down on our investment in creating unique, immersive experiences in corporate spaces, giving our members the opportunity to prioritise their wellbeing whether at home, in the office or while travelling,” he said.
Wellbeing has become a priority for a good number of individuals as it integrates mental and physical health, resulting in more holistic approaches to the promotion of health and prevention of disease.
It is also associated with numerous health, job, family and economically related benefits, such as decreased risk of disease, illness, and injury, better immune functioning, speedier recovery and increased longevity, according to the US Centres for Disease Control and Prevention.
Digital wellness providers have grown in popularity as individuals seek convenient options that present them with several specialities and which they can access from anywhere.
Revenue in the digital fitness and wellbeing market is projected to hit $146.8 billion in 2027, from an estimated $96.94 billion in 2023, at a compound annual growth rate of nearly 11 per cent, data from Statista shows.
“The integration of HealthierU into the LVL Wellbeing ecosystem will enable us to combine forces to offer the most comprehensive preventive health and wellbeing services to our members and clients, starting with further growth in the UAE and then expanding our focus regionally, and then globally,” Mr Blowers said.
The conclusion of the LVL's series An investment round comes after a series of new business partnerships, including a hospitality venture that will help the company grow in Dubai, Abu Dhabi, Riyadh and Halifax, Canada, LVL said.
This will also serve as a springboard for the next round of expansion of its customer base on a global scale, it said.
“The company has formulated partnerships and associations across the region with some of the biggest organisations, all prioritising employee wellbeing and building an identifiable return on investment,” the company said.