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.