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Tencent-Backed Workout App Bulks Up With $360 Million Funding

By Ding Yi / Jan 12, 2021 12:25 PM / Finance

China’s popular fitness app Keep has increased its valuation to $2 billion after closing a $360 million series F funding round led by SoftBank’s Vision Fund, TechCrunch reported on Monday. The latest funding comes as the sports tech startup seeks to expand its offerings beyond online video training courses.

The new round, which was also joined by Hillhouse Capital, Coatue Management and existing investors GGV Capital, Tencent, 5Y Capital, Jeneration Capital and Bertelsmann Asia Investments, comes as pandemic-induced lockdowns have increased demand for exercise options at home.

Founded in 2014, Keep provides online workout videos for bodybuilding, yoga and gymnastics to about 300 million registered users. It makes money by selling personalized services to paying users and from selling fitness equipment such as internet-connected stationary bikes, apparel and health-conscious snacks.

Keep will use the new capital to improve services and products for users and better serve fitness professionals, according to TechCrunch.

Its last funding round took place in May 2020 when the company raised $80 million, making it China’s first sports tech startup to gain unicorn status.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Tencent-Backed Chinese Fitness App Keep Enters Unicorn Club


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