MENA Investors to Cover Half of Push30’s $3M Round: A Fitness Startup’s Journey in Saudi Arabia

We’re continuing our Kazakhstan Global series on doing business in Saudi Arabia. In the first edition, we explored the investment climate and the growth of the IT ecosystem with Aslan Sultanov, founder of White Hill Capital. In the second, we discussed market entry strategies for startups from Central Asia with Igor Ovcharenko, CEO of Al-Farabi Innovation.

This time, Digital Business spoke with Adil Gasimov, founder of the Azerbaijani startup Push30, about building a business in the region, engaging with investors, and seizing opportunities in the MENA markets. We also explored why building relationships with family conglomerates is crucial, why dinners at countryside residences can be more valuable than dozens of presentations, and what Arabian funds and business angels truly focus on.

About the project

Push30 is a platform that provides corporate access to fitness amenities and services, promoting an active lifestyle. Launched in 2019 in Baku, the company now operates in Azerbaijan, Kazakhstan, and Uzbekistan and is expanding into the Saudi Arabian market. The startup has already secured investment commitments of $1.5M and is in negotiations to raise the remaining $1.5M to close its $3M round and accelerate scaling.

«There’s a Fitness Chain Valued at Over $3B»

— How did you decide on Saudi Arabia for scaling?

— We considered multiple options, including neighboring countries and more distant regions. Expanding into a new market is a strategic move — you can’t just rely on intuition. Before making our decision, we analyzed over 20 countries.

To evaluate whether a market is worth entering, we created a list of 48 key questions. Here are a few examples:

• Is there a growing trend for fitness and an active lifestyle?
• Are companies willing to cover employees’ sports expenses, similar to medical insurance or educational programs?
• Is the market dominated by 2-3 major players, or is it more diversified? Entering a market controlled by a few large companies can be significantly more challenging.

But that wasn’t the only crucial factor. Saudi Arabia is currently implementing Saudi Vision 2030, a large-scale strategy to transform the economy. As part of this initiative, the government is actively fostering the wellness industry — covering services and solutions that promote physical and mental well-being — and investing in companies in this space. When we considered all these factors together, it became clear that now is the perfect time to enter the market.

— Government support is important, but how strong is the demand for fitness among the population?

— I visited several fitness clubs in Riyadh, and they were packed. This is largely due to the high number of expats working in Saudi Arabia. International companies are opening branches, and their employees are accustomed to fitness and willing to pay for memberships. There’s even a fitness chain valued at over $3B, with more than 100 clubs in Riyadh alone — and that’s just one brand.
The important thing is that Saudis themselves are becoming more engaged in a healthy lifestyle. Healthy eating, fitness, and wellness are becoming an integral part of urban culture. More and more restaurants now offer healthy food, whereas 5–7 years ago, options were almost nonexistent.

— When you decided to enter the region, what were your first steps?

— We started visiting Saudi Arabia regularly over a year ago. Our most recent trip was our fourth and also the longest — three weeks straight. During that time, we joined the accelerator at Al-Farabi Innovation Hub. The program had two key parts. The theoretical part covered marketing, content adaptation, and market entry strategies, along with legal and financial aspects like company registration, opening a bank account, and required documentation. The practical part took place in Saudi Arabia, where we were introduced to potential clients, partners, and investors. This significantly accelerated the process.

«In Saudi Arabia, Being Introduced by a Respected Person is Essential»

— What results have you achieved so far?

— Over the past year, we’ve connected with more than 90 investors, fitness clubs, and funds, and we’re still in active negotiations. Right now, we’re in the process of registering the company. While we haven’t signed any contracts yet, we have several preliminary agreements in place. Two local investors have expressed their readiness to invest in our project, and we’ve reached an agreement with a fitness club chain to integrate their venues into our platform. Once the legal aspects are finalized, we’ll begin signing contracts and launching sales.

— Over this time, did you gain a clearer understanding of the differences between the business culture in Saudi Arabia and that of Central Asia and the Caucasus?

— First of all, the pace of work is completely different. In our countries, things move faster, whereas here, patience is key. Because of the hot climate, business activity often shifts to the evenings. It’s perfectly normal to schedule a meeting for 9 or even 11 p.m. Something that would feel unusual for us.

Another key difference is the welcoming culture. Meetings are warm and relaxed, rarely cold or tense. However, it’s important to understand that a good meeting doesn’t necessarily mean a deal. Regular follow-ups and staying on their radar are crucial. Sometimes, meetings take place outside cities, in so-called istarahas — private recreational houses that every major businessman owns. These spaces typically have a living room with round sofas, a terrace, and even a personal mini-restaurant. It’s where key market players gather.

For example, everyone knows that on certain days, a network of wealthy businessmen gathers. These are informal meetings, but they’re exactly where you can meet people managing multibillion-dollar assets. If you get noticed and invited back, it’s a sign you’re on the right path. Personally, I spent a lot of time in these spaces before I was able to build trusted relationships.

There are also seasonal slowdowns in business. For example, during Ramadan or Saudi Founding Day, most business activity comes to a halt, making it nearly pointless to negotiate.

In Kazakhstan, business moves faster and more straightforwardly. If a company is interested in your product, they won’t waste time — they’ll either say no or sign a contract. In Saudi Arabia, it’s a completely different story — the decision-making process takes much longer.

The power of recommendations plays a crucial role. In Kazakhstan, you can simply schedule a meeting and close a deal. In Saudi Arabia, however, it’s essential to be introduced by a respected person.

«Countries in the MENA Region Are Deeply Interconnected»

— What does the sales model and market promotion approach look like?

— There are two sides to our business: fitness clubs and corporate clients. We start by onboarding international companies we’ve already worked with, using them as a gateway into the new market. Once local companies see how it works, they follow suit and join as well.
We’re not a B2C product, so we don’t rely on aggressive marketing or call centers. Our focus is on HR directors and top managers. We primarily engage through events hosting gatherings dedicated to a healthy lifestyle, collaborating with producers of healthy products, and working with insurance companies. It’s crucial that our clients see us not just as an aggregator of fitness clubs, but as a complete wellness solution.

— What is the market potential for your product in Saudi Arabia?

— There are many massive companies with substantial budgets. Take Saudi Aramco, for example — the world’s largest corporation, with 75,000 employees. It’s practically a country within a country, complete with its own airline for staff. Securing a contract with a company like that can set your business up for years to come.

Family conglomerates are just as important. Every major family has its own family office that oversees investments and allocates capital across various sectors from banking and logistics to IT and manufacturing. Gaining the support of one family can automatically open doors to their entire network of companies.

— What are your plans for the next year?

— Our main priority right now is establishing a strong presence in Saudi Arabia. Once that’s done, our next step will be expanding into the UAE, followed by exploring other markets in the region, including Oman, Qatar, and Kuwait.

MENA countries are highly interconnected. While working in Saudi Arabia, we’ve met people from Dubai and Abu Dhabi, and these connections are helping us move forward. Business leaders frequently travel between countries for meetings, so successfully entering one market makes expansion into neighboring countries much easier.

— What are Push30’s long-term goals?

— Our goal isn’t just scaling. We aim to create a comprehensive ecosystem of wellness solutions. We integrate with insurance companies, collaborate with healthy product brands, and onboard mental health services. Our vision is to make Push30 a one-stop shop for HR directors and companies looking to implement corporate wellness programs.

«The Most Common Mistake Is Underestimating How Long Things Take»

— How does the investment attraction process work in this ecosystem?

— In Saudi Arabia, investments are not just about money, they’re built on relationships. You can’t simply show up with a presentation and walk away with a check. Trust is key, and you need to integrate into the local business environment.

We are currently in negotiations with investors from Azerbaijan, Kazakhstan, Uzbekistan, and Saudi Arabia. Following the acceleration program, White Hill Capital signed a letter of intent for an additional $300,000 as follow-on investment. We are raising $3M, with half of this amount already secured through commitments. We plan to attract the remaining $1.5M in the near future, primarily from MENA funds.

We are raising a funding round at a $30M valuation, which is justified by our annual turnover already exceeding $7M.

— What matters most to local investors?

— It’s not just about showcasing a great product — it’s about giving something back. For example, you can support an investor by helping develop their portfolio company — expanding it into new markets, introducing it to key players, or integrating it into your ecosystem. This creates added value and strengthens your relationship beyond just a financial transaction.

— What advice would you give to startups looking to enter the Saudi Arabian market?

— First, patience — you can’t just show up and start selling. Second, persistence — in our countries, deals can be made in one or two meetings, but here, the process can take months, requiring continuous follow-ups. Third, the right partners — in Saudi Arabia, progress is difficult without them. You need people who truly open doors, not just create the illusion of valuable connections. In this regard, the Al-Farabi Innovation Hub provided a significant boost, helping us integrate into the local economy.

The most common mistake is underestimating how long things take. Processes here are slower than they might seem at first.
Registering a company, for example, isn’t always the two-month process that official sources claim — it can take up to six months. Legal procedures also take time. That’s why it’s crucial to plan ahead and start preparations as early as possible.

— You mentioned that personal connections are key in MENA. How do you earn the trust of investors and partners?

— The most important thing is understanding who you’re talking to. If the person in front of you is numbers-driven, focus on business, ROI (return on investment or an indicator of investment effectiveness — note by Digital Business editorial), and financial metrics. But if they prioritize personal relationships, take the time to build a connection first. Talk about life, family, and engage in informal settings.

— It’s the same as doing business anywhere in the world — just with cultural nuances to keep in mind.

— Absolutely. The world is becoming increasingly global, and while religion holds a significant place in MENA, business remains the main priority. Success in this market isn’t just about seeking investments or partnerships. It’s about building a win-win model where you bring value to the table in return.