Vision Fund backs Chinese fitness app Keep in $360 million round – TechCrunch

As a Chinese fitness class provider to keep Bikes such as the peloton continue to diversify their offerings to include health conscious snacks among other things, bringing in new investors to fulfill their ambitions.

on Monday, to keep Said it recently closed a $ 360 million Series F financing round led by SoftBank Vision Fund. Hillhouse Capital and Kotyu Management participated in the round, along with existing investors GGV Capital, Tencent, 5Y Capital, Generation Capital and Bertelsmann Asia Investments.

The latest fundraising values ​​a six-year-old startup at $ 2 billion post-money, people with knowledge told TechCrunch. A spokesperson for the company told TechCrunch that it currently has no plans to make it public.

Start by providing workout videos at home and in 2014 100 million users signed up Within three years. As of late, it has served more than 300 million users, the company claims. It has over time fostered an ecosystem of fitness influencers who give live classes to students through video, and now runs a team of course designers, streaming coaches and operational staff dedicated to their video streaming business.

The company said that its main revenue driver charges membership fees from the 10 million users who receive personalized services. It is also expanding its consumer product line. For example, last year, the firm introduced an Internet-connected stationary bike, which comes like video instructions peloton . It is also a garment, treadmill and smart wristbands.

Company launched Foreign version of its fun app It was targeted in the overseas domestic fitness market in 2018. It was posting diligently on Western social networks including Instagram, Facebook and Twitter until the spring of 2019.

According to Keep, the latest funding aims to continue to focus on in recent years: improving services and products for users and serving fitness professionals against the backdrop of the Chinese government’s campaign for “national fitness” .

“We believe that Chinese people have become an essential part of everyday life as their income rises and health awareness increases,” said Eric Chen, Partner SoftBank Vision Fund .