Hillhouse Capital has led a Series C round in Chinese fitness startup Lefit while 123GO, an automated convenience store operator, has secured $5.3 million in a pre-Series A round.
Hillhouse leads $45m Series C in Lefit
Hillhouse Capital has led a $45 million Series C funding round in Hangzhou-based fitness startup Lefit with participation from IDG Capital and Huasheng Capital, according to a China Money Network report.
Last December, it raised $14-million in a Series B round led by Toutoushidao Capital and Huasheng Capital.
Lefit offers members flexible access to around 200 fitness gyms and 3,200 exercise instructors in eight major cities.
IBISWorld’s report showed that the annualized growth rate of the fitness and gym industry in China was 12 per cent from 2012 to 2017 and the industry is set to generate $6.31 billion in 2017.
123GO raises $5.3m pre-series A
123GO deploys smart vending machines which allow customers to purchase by scanning QR code and pay via mobile payments. It focuses on second-tier cities across China.
The startup reportedly generates average daily sales of about 1,000 yuan with the profit margin of 40 per cent.
Prior to this deal, eight startups in the space have secured a total of $385 million this year. They included Bianlifeng, Xiaomai, Citybox, Bingobox, Xingbianli, Guoxiaomei, Seven Koalas and F5 Store.