China-based wearables producer Codoon has raised $50m in a series C round led by Focus Media FountainVest Sports JV, an investment fund backed by advertising company Focus Media, China Money Network reported today.
Focus Media FountainVest Sports JV is a $400m fund launched last month by Focus Media and private equity firm FountainVest Partners. The fund, focused on the sports sector, invested $30m in Codoon, making the startup its first portfolio company.
Technology and trading firm Susquehanna International Group (SIG) and venture capital and private equity firm SBCVC provided the round’s remaining cash.
Founded in 2010, Codoon has created a range of smart devices such as fitness bands and weighing scales, and also organises online sports events.
The money will be used to increase the company’s online content offering, develop its big data platform and boost its online sports event franchise. Focus Media and FountainVest will support Codoon’s expansion plans by providing access to their advertising resources and userbase.
SBCVC and SIG invested a total of $30m in Codoon’s November 2014 series B round. Shenzhen Capital Group and Citic Capital previously provided $10m in series A capital in March 2014.