Alfred Lee13 May, 2020
Vietnamese startup, WeWow, most notably known for their ClassPass-like service, WeFit, has filed for bankruptcy as the business runs out of cash due to the effects of the pandemic.
In a statement to its customers, WeFit's parent company WeWow mentions that they will be closing down all their services effective immediately.
"Our working capital is completely depleted. Therefore, we are unable to maintain our business and products", the company said in its statement.
Prior to the pandemic, WeWow was handling approximately 150,000 bookings per month on their platform.
The company had also previously raised US$1 million in a pre-series A round led by CyberAgent Capital and other venture capital firms in the region in January last year.