China-based fitness app provider Keep has raised $127m in a series D round that included internet company Tencent and media conglomerate Bertelsmann, China Money Network reported today.
The round was led by investment banking firm Goldman Sachs and also featured GGV Capital and Morningside Venture Capital. Bertelsmann participated through corporate venturing subsidiary Bertelsmann Asia Investments (BAI).
Founded in 2014, Keep operates a mobile app that offers free online fitness courses with features such as personalised training routines. It opened its first brick-and-mortar gym in Beijing earlier this year.
The funding will go towards the development of artificial intelligence technology intended to improve the customised courses the company offers. Keep has now raised $187m in funding to date according to China Money Network.
Tencent led a series C-plus round of undisclosed size for the company in August 2016. It had raised $32m in a series C round backed by BAI, Morningside and GGV three months earlier.
GGV Capital had previously supplied $10m in series B funding for the company in 2015. Details about Keep’s earlier funding could not be ascertained.
Kaixun Zhang, managing director at Goldman Sachs, said: “Fitness is a huge market as China is undergoing consumption upgrade. Through its excellent online fitness contents, Keep continues to lead the market.
“Also, Keep has some breakthroughs in offline fitness and smart hardware, and developed a complete ecosystem. We are confident that Keep will be a leading fitness gym that will change the lifestyle of the young generation in China.”