Tencent Leads $65m Series A in Chinese Fitness Tech Startup FITURE

Tencent Leads m Series A in Chinese Fitness Tech Startup FITURE

FITURE, a Chinese startup that offers smart home fitness equipment, has secured $65 million in a Series A round of financing led by Tencent with participation from its angel round investor Sequoia Capital China.

Bertelsmann Asia Investments (BAI), the Asia-focused investment arm of German conglomerate Bertelsmann; C Ventures, an investment firm led by Hong Kong billionaire Adrian Cheng Chi-kong; and Chinese cross-border investment platform Cathay Capital, participated in the Series A round, said BAI in a statement on Friday.

Other investors included China-based BA Capital, which exclusively bets on consumer brands and products; CITIC’s alternative asset manager CPE; and All-Stars Investment, which invests in the internet and consumer sectors in Greater China and worldwide.

Chengdu-based FITURE focuses on the development of smart home fitness equipment, through which it plans to offer interactive fitness courses, exercise data tracking, customised training plans, and an online user community.

Its website shows that the firm will soon launch its debut product, FITURE Mojing (which literally means “magic mirror” in Chinese), a smart fitness product similar to California-based Tempo’s all-in-one digital workout screen The Tempo Studio.

The new funding would help FITURE continue investing in R&D to provide users with more interactive fitness content, said the company co-founder and CEO Tang Tianguang.

South Africa Today


Read more at VolaNews