FITURE, a Chinese startup that offers smart home fitness equipment, has raked in $300 million in a Series B round of financing to capture opportunities in the accelerated growth of China’s at-home workout market.
This is FITURE’s biggest funding round to date. The Series B round gathered four lead investors including Hong Kong’s All-Stars Investment, Legend Capital, DST Global and New York-based Coatue, per its announcement on Thursday.
New investor CITIC’s alternative asset management unit CPE, alongside existing shareholders Sequoia Capital China, Tencent, C Ventures, Cygnus Equity, NIO Capital, GSR Ventures, BA Capital, Z1 Capital and Bertelsmann Asia Investments (BAI) participated in the deal.
Chinese investment bank Cygnus Equity served as the exclusive financial adviser of the deal.
With investor interest in household workout solutions growing amid virus-induced stay-at-home new normal, the fundraising pace of the likes of FITURE has visibly accelerated. After a Sequoia Capital China-led, $6-million angel round in the summer of 2019, the two-year-old startup has swiftly pocketed another $385 million across three funding rounds in roughly six months.
It raised over $20 million in a Series A+ round led by GSR Ventures, NIO Capital, and Z1 Capital in December 2020, three months after the completion of its Series A round at $65 million, led by Tencent.
Through its smart fitness equipment, Chengdu-based FITURE offers interactive courses, AI-enabled online personal trainers, exercise data tracking, customised training plans, dietary recommendations, and an online user community.
The startup introduced its debut product, FITURE Mojing, which literally means “magic mirror” in Chinese, in October 2020. Priced at 7,800 yuan ($1,192.5) plus a one-year FITURE fitness membership package, the product is a smart fitness product similar to California-based Tempo’s all-in-one digital workout screen The Tempo Studio.
“We have already received positive feedback from users although FITURE Mojing was only launched half a year ago. This has given us more confidence in China’s smart fitness market,” said Zhang Yuansheng, co-founder and president of FITURE, in a statement.
Co-founder and CEO Tang Tianguang said: “Going forward, FITURE will stick to its main target of delivering ‘interactive [training] content’ to solve workout pain points, and offering users easy-to-learn and fun-to-persist workout experience.”
The startup plans to use the new proceeds for product development and training, as it seeks to provide consumers with a better at-home workout experience at a lower price.