VCs commit $50m to China’s Codoon
A sport industry-focused fund launched by FountainVest Partners and its portfolio company Focus Media has led a $50 million Series C round for Codoon, a Chinese wearable electronic devices manufacturer.
The vehicle, Focus Media FountainVest Sports JV, has committed $30 million in Codoon. Existing investors including SIG Asia and SBCVC also participated in the round, the company said at a local media conference.
Founded in 2009, Codoon primarily develops fitness-tracking wearable devices, such as bracelets, to track users' steps taken and monitor their sleep. The collected data is then analyzed via a mobile app. The company also organizes sport events by connecting online users with offline sport centers and organization. It claims to have more than 50 million people using its app.
Online games developer Shanda Interactive provided angel investment for Codoon in 2011. The company raised two rounds in 2014, including RMB600 million ($10 million) in Series A funding led by Shenzhen Capital, and a $30 million Series B round from SBCVC and SIG Asia.
Codoon plans to use the new funding to expand its user base and develop new products.
Established in April, the Focus Media FountainVest Sports JV has a target of $400 million. Shenzhen-listed Focus Media committed $200 million in the fund. The vehicle targets high-quality sport-related businesses in China and overseas. Its core purpose is to consolidate Focus Media's market position by expanding into the sport business value chain.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.