China-based gym franchise operator Liking Fit has closed a RMB300m ($46.6m) series C round featuring Terminus Technologies, a provider of internet-of-things products for smart cities, China Money Network reported yesterday.
The round was led by Guangkong Zhongying Capital, a fund established by outdoor advertising company Focus Media Information Technology and financial services firm China Everbright in 2016. Sigma Square Capital and Lightspeed China Partners also took part.
The series C round was announced at the same time as Liking Fit’s $7.8m series B round, which was led by Sigma Square Capital with participation from Cowin Capital, Zhonglu Capital and Lightspeed China Partners.
Founded in 2016, Liking Fit operates a network of 24-hour gyms that users can access through a mobile and smart-watch app. The company has also developed a cloud-based platform that enables customers to monitor their progress.
The gyms are operated through a franchise model, with more than 90 locations currently open and another 100 under construction. Franchisees can also manage their gyms through a mobile app.
Liking Fit had previously received an eight-figure renminbi sum in a 2016 series A round, with China Money Network identifying Cowin Capital, Zhonglu Capital and Lightspeed China Partners as returning backers in the series B round.