China Digest: Hillhouse leads $45m round in Lefit; 123GO raises $5.3m pre-series A

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

Jiuwan Capital and Lashou’s founder Wu Bo have joined a $5.3 million pre-Series A round in 123GO, a Chinese unmanned convenience store operator, according to local media’s reports.

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.

Also read:

Venture fundraising in yuan soars as investors target Chinese tech firms

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China: Xingtang miniKTV raises $15m; Huayi backs Symbow Medical; Xiaomai secures $18.5m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.