China Dealbook: Lefit raises $14m, Kaiyun Auto raises funding in Series A round

Photo: China Money Network.

China based fitness startup, Lefit has raised $14 million in series B led from Chinese investment fund, Toutoushidao Capital. Meanwhile, Kaiyun Auto, producer of electric pickup trucks got series A investment from China Renaissance’s private equity unit.

Lefit raises $14m in Series B round led by Toutoushidao Capital

Lefit, a Hangzhou based a fitness startup has got a $14 million series B funding led by Toutoushidao Capital, a Chinese investment fund and Huasheng Capital, a Chinese venture capital firm, according to the China Money Network.

Other investors include investor IDG Capital that has a focus on Chinese technology investments, as well new investors Puhua Capital and others.

Toutoushidao is established partly by a partner from Matrix Partners China. It focuses on investing in China’s cultural, media and entertainment sectors. Investments made by Huasheng Capital are mainly in the real estate sector.

Well-known for its new concept fitness start-up, Lefit allows its members to use any of the 130 fitness centers located in five major cites in China for a fees of RMB 99 per month. The fees includes access to 3200 exercise instructors

“We are optimistic about the future of Lefit and its business model, which is a perfect match for China’s rising middle-class,” said Wu Xiaopo, co-founder of Toutoushidao and a well-known financial writer in China.

Electric truck start-up Kaiyun Auto gets series A from China Renaissance’s PE unit

Kaiyun Auto, a Chinese start-up focused on developing electric pickup trucks got a series A investment led by the private equity investment unit of the Chinese investment banking firm, China Renaissance.

Chinese venture firm Panda Capital also participated in the round. This made Kaiyun estimated to be valued several billion RMB.

“We believe Kaiyun’s products can really meet the needs of around 700 million rural populations living in villages and small counties,” said Niu Xiaoyi, managing director at China Renaissance’s private equity unit, as quoted by China Money Network.

China Renaissance is a leading independent investment bank for Chinese entrepreneurs whose service incudes private fund raising, public offerings, merger and acquisitions and trading executions.

Wang Chao, founded and leads Kaiyun motors which sold over 5000 battery powered trucks across China and have received more than 100,000 orders. He’s confident to be as successful as Ford Motor Corp.’s legendary F-150 pickup as mentioned in Bloomberg.

The vehicles are targeted for the rural will be helpful for short-distance mobility.

In May, they produced a low-speed all-terrain electric pickup truck PickMan which retails at $3,426.

Also Read: 

China: AI startup Petuum, fitness app Hotbody, tech startup AllMobilize raise $15m each

China’s Thundersoft buys Finnish automotive firm for $67m

Samsung Electronics seeks stake in China automaker BYD, electric car chips boost

 

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.