SoftBank Group Corp. Vision Fund led a $ 360 million round of funding behind the launch of China’s most popular training app Keep it up, as coronavirus-powered gym closures cause more users to exercise at home.
Beijing Calories Technology Co. he said his F-Series round also drew investment Hillhouse Capital, i Tencent Holdings Ltd. Keep is now valued at about $ 2 billion after the investment and weighs in on an initial public offering as early as this year, according to people familiar with the matter, who asked not to be identified as the information is private.
Layer management, GGV Capital, Bertelsmann Asia Investments, 5Y Capital i Jeneration Capital also participated in the final round of financing, the company added.
A Keep representative declined to comment on the valuation, adding that the company has no IPO plans for now.
Founded in 2014, Keep provides customized workouts and instructions to about 300 million registered users. It has an average of 38 million monthly active users. In addition to designing customized indoor training plans, the app offers for sale fitness equipment and weight-conscious snacks, according to your website.
The company launched its own exercise bike at home in 2019, entering the indoor cycling sector which has become a beloved investor during the pandemic. Competitors include the launch of KKR & Co.-backed virtual reality cycling software. Zwift Inc., and a larger rival Peloton Interactive Inc., whose shares rose more than 400% last year.
The fitness industry in China is booming and the fitness club and studio market is estimated to have surpassed 73.8 billion yuan ($ 11.4 billion) in 2020, up from 28.6 billion yuan in 2015, according to a report of the industry Statistician.
– With the assistance of John Liu and Dong Cao