December 11: Supermonkey, a fitness service operated under a new billing model, has finalized their C series financing round by raising 100s of millions in RMB. Reportedly, the sports foundation founded by Sequoia Capital China and CMCHoldings were the leading investors of Supermonkey in this round. 

Supermonkey will leverage this fund to expand their business around China. To date, Supermonkey has opened nearly 30 fitness centers in Beijing, Shanghai and Shenzhen, which are evaluated at over 1 billion RMB in total. By the end of 2018, the company expects to have 100 fitness centers located around China. 

Prior to this round, Supermonkey had reportedly completed two financing rounds and had  raised nearly 100 million RMB in total. Investors in those two rounds also joined the investment in SuperMonkey’s C Round.  

Unlike traditional fitness centers, Supermonkey’s fitness centers are operated under a pay-per-use billing model. Members can work out at Supermonkey using a self-service method and book fitness courses according to their demands. 

Source: Sina 

Proofread by Raymond Fitzpatrick