E-commerce group Alibaba’s Taiwan Entrepreneurs Fund II fund led a RMB100m ($15.6m) series B round for Taiwan-based fitness service Space Cycle on Wednesday.
Space Cycle operates music-driven classes in indoor cycling, yoga, dance and barre, which combines fitness and ballet, across six studios in Taipei and the Chinese cities of Beijing and Shanghai.
Matthew Allison, Space Cycle’s founder and CEO, explained: “At Space Cycle, music is the secret sauce and we use it to create a vibrant social community and an entertainment driven, multi-layered fitness experience.
“With our proprietary training programs, celebrity trainers, live DJs and technologically advanced studios – all in high traffic premier commercial and retail locations, we represent a world-leading, fitness 3.0 offering to our user base.”
The series B funds will support the opening of more centres and the expansion of SpaceCycle’s online presence.
The Alibaba fund is managed by venture capital firm WI Harper Group, and WI Harper partner Edward Liu will take a board seat at Space Cycle in connection with the round. CastleHill Partners advised Space Cycle on the funding.