A self-service gym based on a sharing-economy model, Misspao, has announced it has raised tens of millions in RMB funding in recent days, which has allowed the company to be valued at over RMB100m (US$15m). This investment was led by Matrix Partners China, ChinaEquity Group and Whales Capital.
Founded in July 2017, Misspao has set up 4-square-meter self-service gym pods which can host 1 to 2 people each and contains exercise equipment such as a treadmill. As for the gyms’ locations, Misspao is more likely to install them within communities.
“Up to now, sharing-economy services are still targeting the commercial areas, schools and campus, which allows uptown to remain as a ‘blue ocean’,” said Bi Zhen, Founder of Misspao. “People living uptown need to go out to exercise, so self-service gyms can be the most effective approach for them.”
Bi Zhen also explained the fitness demand in Beijing. According to Misspao’s market research into Beijing’s fitness market, 10% of white-collar workers have purchased a fitness service. However, not all of them can go to the gyms regularly. On the other hand, 95% of people they interviewed want to improve their fitness but some of them have no access to gyms and equipment. As a result, Bi thinks Misspao can address this problem by setting up their gym pods in uptown residential communities.
Proofread by Raymond Fitzpatrick