JoyRun, a China-based provider of an app aimed at runners, has closed an $18m series B round led by corporate-backed joint-venture Arena Capital, China Money Network reported on Thursday.
Arena Capital is a RMB2bn ($313m) fund established by sportswear company Guirenniao, sports marketing and management portal Hupu, and investment management firm Greenwoods Asset Management. The fund focuses on sports-related sectors, including events, media and equipment.
Founded in 2014, JoyRun’s smartphone app enables users to connect to other runners and share statistics about their workouts.
The money will go towards improvements of the app, monetisation efforts and an expansion of JoyRun’s events business. The company, which has reportedly helped organise 10 marathons so far this year, has not made details about previous funding rounds available.
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