Alibaba's Taiwan fund backs fitness brand
Space Cycle, a boutique fitness studio chain operating in mainland China and Taiwan, has raised a RMB100 million ($15.6 million) Series B round of funding led by Alibaba Taiwan Entrepreneurs Fund.
The vehicle - Taiwan Entrepreneurs Fund II – is managed by WI Harper Group. Edward Liu, a partner at WI Harper, will join Space Cycle’s board of directors. The proceeds will be used to add more studios throughout Greater China, and to develop the company’s online platform.
Founded in 2005, Space Cycle currently has six studios in Beijing, Shanghai, and Taipei. It offers indoor cycling, barre, yoga and dance classes, often accompanied by live DJs. The company also organizes fitness-related events and has forged partnerships with Nike, Lululemon and Mercedes Benz.
"The Space Cycle teams are innovators and disruptors in their industry. Converging fitness, music and entertainment has been a very successful model in the US market. The same trend is emerging in the Chinese market and Space Cycle is at the forefront,” WI Harper’s Liu said in a statement.
The Alibaba Taiwan Entrepreneurs Fund, which is not-for-profit, was launched in 2015, with NT$10 billion ($316 million) earmarked to boost entrepreneurship in Taiwan. China Development Industrial Bank (CDIB) was selected as fund manager for the debut vehicle.
In May last year, CDIB Capital acquired a minority stake in World Gym Taiwan, the largest fitness center chain in Taiwan. The company intended to expand to China and other Asian markets following the investment.
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