A sports investment fund co-established by Focus Media and FountainVest Partners has led to a US$50 million series C round investment in Codoon, a Chinese sports and wellness service provider integrating mobile apps and wearables.

The sports fund, launched last month by Focus Media and FountainVest Partners with US$400 million to invest in sports companies in China and overseas, injected US$30 million into Codoon in the fund's first investment. Existing investors SIG and SBCVC also participated in the round, according to an announcement by the company at a press conference yesterday (31st May).

Founded in 2010, Codoon received US$10 million series A round funding from Shenzhen Capital Group and CITIC Capital in 2014. Later that year, it completed US$30 million series B funding from SIG and SBCVC.

Codoon says it currently has over 50 million users, and is the largest online, mobile and social networking platform in China.

Focus Media and FountainVest Partners plan to use their own resources in advertising and their existing users to help Codoon grow quickly and take a dominant position in the sports market.

Source: Sina

Proofread by Sean O Diobhilin