China-based connected home fitness product maker Fiture has received $65m in a series A round led by internet group Tencent, DealStreetAsia has reported.
Bertelsmann Asia Investments (BAI), the Asia-focused investment arm of media conglomerate Bertelsmann, took part in the round, as did corporate-backed venture firm BA Capital and CPE, an alternative asset arm of investment firm Citic Group.
Sequoia Capital China, Cathay Capital, C Ventures and All-Stars Investment also chipped in series A cash.
Founded in 2019, Fiture sells home fitness technologies to Chinese consumers that incorporate live video workouts, personalised regimens and options for training collaboratively.
Fiture will use the money to compile more content it gears up to launch its first product: a smart display screen dedicated to its workouts.
Will Wang Tianfan, managing director of BAI, said: “Leveraging our media and service network in Europe and Americas, BAI is committed to investing in and assisting the internationalisation of Chinese brands, especially their expansion into the European market – which is increasingly becoming their go-to market with new growth opportunities.”