Supermonkey, a China-based gymbox operator backed by diversified conglomerate Fosun, has raised RMB360m ($53.3m) in a series D round, China Money Network reported yesterday.
Private equity firm Starquest Capital and investment firm Yao Capital co-led the round, which also featured private equity firm Orient Hontai Capital.
Founded in 2014, Supermonkey operates more than 70 indoor and outdoor small-scale gymnasiums across nine cities in China, providing access to fitness equipment such as treadmills, cross trainers and weights.
Customers are able to reserve a place in the 24-hour self-service gyms through messaging app WeChat, receiving a passcode via text message that allows them to gain access to the facilities. The series D capital will be used to open 100 more gymboxes in China this year.
Supermonkey raised a nine-figure renminbi (RMB100m = $15m) amount in a December 2017 series C round featuring Fosun RZ Capital, a corporate venture capital subsdiary of Fosun.
The round was led by Jiansheng Sports Fund, an entity formed by VC firm Sequoia Capital China and investment firm China Media Capital, and included VC fund Ventech China and private equity firm Arena Capital.
The latter two both took part in the company’s $7.6m series B round in February 2017 together with Fosun RZ Capital. The corporate had previously invested an undisclosed eight-figure renminbi amount in Supermonkey the year before.
Photo courtesy of Supermonkey.