Chinese home fitness app raises $80m Series E

GGV Capital, Tencent Holdings, Morningside Venture Capital and BAI also took part in the round. Prior to this investment, Keep had raised $187 million across six rounds.

Founded in 2014, the company's core offering is a basic home training app that offers 1,200 programs plus customized solutions covering fitness training, running, cycling, and yoga. It also provides guidance on healthy eating and equipment purchases. The company has developed its own line of products available online or via its offline Keepland outlets.

Content and technology upgrades are central to Keep's expansion strategy. The company already provides social networking services and is looking to get into user-generated content (UGC). It has developed a dedicated UGC platform and collaborates with 2,200 fitness professionals as contributors.

On the technology front, Keep is targeting intelligent sports hardware to offer a better customer experience. It is working with device manufacturers such as TCL, Samsung Electronics and Xiaomi on on-screen program delivery innovations.

The company has more than 200 million users and it has accumulated more than 3.6 billion activity data points since inception. The app is available in more than a dozen languages.

Ventech China and BAI committed $5 million in Series A funding to Keep in April 2015. A $10 million Series B, featuring GGV and Ventech, came later the same year. GGV and Morningside then co-led a $32 million third round in 2016, with participation from BAI. This was followed by a Series C-plus round from Tencent. In 2018, Goldman Sachs led a Series D round worth $127 million.

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• Topics
• Greater China
• Expansion
• Consumer
• Technology
• China
• Tencent
• GGV Capital
• Morningside Technologies
• Jeneration Capital
• TMT