China-based online fitness class operator Keep recently completed a $360m series F round led by telecommunications and internet conglomerate SoftBank’s Vision Fund, TechCrunch reported today, citing a company statement.
Bertelsmann Asia Investments (BAI), a vehicle for media group Bertelsmann, also took part in the round, as did internet group Tencent, Hillhouse Capital, Coatue Management, GGV Capital, 5Y Capital and Jeneration Capital.
The cash was secured at a post-money valuation of about $2bn, people with knowledge of the matter told TechCrunch. The company has now raised $627m since it was founded in 2014.
Keep’s online platform provides livestreamed fitness class run by a network of fitness influencers, and it has expanded its registered users to 300 million in recent months as the ongoing coronavirus pandemic impacts gyms and users continue to stay home.
The company has expanded into producing stationary exercise bikes and treadmills similar to the ones provided by US-based Peloton, in addition to healthy snacks and exercise apparel. It will channel the series F proceeds into strengthening its products and services.
Existing backer GGV Capital and 5Y Capital (then known as Morningside Ventures) co-led a $32m series C round for Keep in May 2016 that included BAI, before Tencent led a series C-plus round of undisclosed size three months later.
Keep added $127m in a 2018 series D round led by Goldman Sachs and backed by BAI, Tencent, GGV Capital and 5Y Capital, all four of which came back for an $80m series E led by Jeneration Capital in May 2020 that valued the company above $1bn.
