Supermonkey, a self-service fitness gymbox operator in China, is believed to have raised at least US$30 million (around HK$234 million) in series C funding in a recent transaction.
The investment was led by Jiansheng Sports Fund, a fund co-established by Sequoia Capital China and China Media Capital, tech industry news website Tech in Asia reported, citing a source.
Supermonkey, which currently has 30 facilities in Beijing, Shanghai and Shenzhen, aims to use the funds for business expansion.
The company aims to reach 100 locations in China in 2018, according to the report.
Founded in 2014, Supermonkey offers automated and staffless gym rooms that look like shipping containers, each measuring about 200 square meters.
The gymboxes, or workout spaces, operate 24 hours, seven days. No contract is needed to be signed for using these gym services.
Users can just pay and book a session via WeChat or its mobile app, and then receive a one-time password. They can then input the access code to unlock the door of the gym and start to work out.
The startup has three revenue sources: running group class studios, selling gymboxes to property developers, and operating staffless gym rooms.
Supermonkey, emphasizing the need to train talents, has launched an institution to strengthen development of fitness classes and fitness training.
According to founder Tiao Tiao, trainers at the most fundamental level can earn over 20,000 yuan per month, working for three hours a day. Star trainers can earn even more.
First established in Shenzhen, Supermonkey’s expansion plans include venturing into cities such as Guangzhou, Chengdu, Hangzhou and Nanjing.
This article appeared in the Hong Kong Economic Journal on Dec 14
Translation by Jonathan Chong
[Chinese version 中文版]
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