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Chinese fitness startup Keep has secured $127 million in Series D funding round led by global investment banking firm Goldman Sachs according to GGV's announcement.
Existing investors including Tencent Holdings Ltd, GGV Capital, Morningside Venture Capital, and Bertelsmann Asia Investments (BAI) also participated in the round.
Founded in 2014, Beijing-based Keep provides free online fitness courses and has 140 million registered users. Its first gym opened in Beijing in March and Keep released its smart running machine which supports about a dozen languages including English, Japanese, Thai, Spanish and German. It claims to have two million international users.
"Fitness is a huge market as China is undergoing consumption upgrade. Through its excellent online fitness contents, Keep continues to lead the market," said Kaixun Zhang, managing director at Goldman Sachs. "Also, Keep has some breakthroughs in offline fitness and smart hardware, and developed a complete ecosystem. We are confident that Keep will be a leading fitness gym that will change the lifestyle of the young generation in China."
GGV Capital is an existing investor of Keep, having invested in its Series B and C rounds. The startup had raised a $32 million Series C in May 2016 and about $10 million Series B in less than a year after it was launched in early 2015.
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