Chinese fitness room sharing start-up Misspao has raised 75 million yuan (about US$11 million) in Series A round financing, which was led by the National Small and Medium-size Enterprises Development Fund, co-invested by Matrix Partners China, ChinaEquity Group, Whales Capital and Lieying Capital.
The lead investor is a 15 billion fund co-founded by state-owned companies, private businesses, financing institutes and local governments. The new investment has added Misspao’s financing to 100 million yuan (about US $15 million) .
Misspao, founded in May 2017, is a Chinese start-up developing fully-automated mini fitness rooms. As of now, it has made a presence in 1,000 Beijing communities and 500 Shanghai communities with 100 facilities.
Each fitness room is equipped with one treadmill, air cleaner, solar power supply system and Internet-connected TV for entertainment. Users can rent a mini-gymnasium via mobile app by paying 0.2 yuan per minute.
According to Misspao, each of its mini-gymnasiums cost RMB 10,000 yuan. Each mini-gym can be used five to six hours per day, which means it can return a profit in 10 months through each gymnasium.
Proofread by William Logsdon