Taiwan fitness site iFit receives angel funding
Cherubic Ventures, an early-stage VC investor, has provided NT$25 million ($818,000) in seed funding for iFit, a Taiwanese online fitness information provider.
The capital will be used to launch wearable devices and mobile apps that record users' health data, as a means to improving interactivity and providing fitness information, Alice Chen, iFit's founder, told local media.
Chen started the website by sharing her own slimming experiences in 2012. The company has soon expanded into selling low-calorie foods and exercise equipment. IFit turned profitable last year and generates annual revenues of NT$60 million. It currently has approximately 5 million registered users.
According to Chen, Taiwan's fitness and slimming market is worth NT$60 billon.
Founded by angel investor Matt Cheng in 2010, Cherubic Ventures has invested in over 40 companies in Silicon Valley, Greater China and Southeast Asia. Those investees have subsequently raised over $90 million follow-on financing. Cherubic has offices in San Francisco, Beijing and Taipei.
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