China social networking app for runners secures $18m
Joyrun, a Chinese social networking app that targets recreational runners, has completed a $18 million Series B round of funding led by Arena Capital, a local sport-focused venture capital firm.
The app was launched by Guangzhou Joyrun Information Technology in 2014 as an online community for runners. It allows users to find running partners, share experiences and organize contests. The company claims to have achieved more than 15 million downloads, with about 500,000 daily active users.
Joyrun plans to use the funding to develop new products and expand its team, Feng Liang, the company's founder and CEO, told local media. It will also expand its industry network by forming partnerships with sports training schools, athletic organizations and sport brands.
Arena Capital was set up this year by Shanghai-listed athletic footwear and apparel maker Guirenniao, Chinese sport news portal Hupu and Greenwood Asset Management. It focuses on sport industry investments across verticals such as online sports, wearables, training, event organization and media.
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