Chinese fitness sharing platform, LEFIT, has completed a 300-million-yuan Series C financing, which was led by the Hillhouse Capital Group, co-invested by Huasheng Capital and IDG Capital Partners.
In its Series B funding, LEFIT announced that it has plans to build more than 5000 locations in China. This new investment has added the fitness company’s financing to 400 million yuan, which will be used to update its products and services, expand brick and mortar gyms and develop the related technology.
LEFIT, founded in 2015, is a 24-hour professional fitness O2O platform that combines users, coaches and gyms. Typically, users can enjoy its fitness services paying 99 yuan per month. As of now, it has served more than 35 million users with more than 300,000 courses and has 200 locations in Hangzhou, Shanghai, Beijing, Nanjing and Jinan.
LEFIT CEO Han Wei said, over 150 of their gyms have achieved break-even after over six months of continuous operation.
Proofread by William Logsdon