Vision Fund Invests in Chinese Fitness App Keep

vision fund keep investment

 

The Chinese fitness app Keep has closed its Series F financing round. It has raised $360 million in this round, which was led by SoftBank Vision Fund. New investors Hillhouse Capital and Coatue Management participated in the round along with the existing investors GGV Capital, Tencent, 5Y Capital, Jeneration Capital, and Bertelsmann Asia Investments.

The latest investment brings the company’s valuation up to $2 billion. Keep could now possibly consider an IPO this year. Keep has raised $600 million in total funds until now. Before the Series F round, the company had raised $80 million in its Series E round, which was completed in May 2020.

Founded in 2014, the company saw tremendous growth during the pandemic, driven by people who got active at home using the company’s app. “GGV’s consistent investments in Keep reflects our positive attitude towards the fitness market and the bets on the new generation of healthy lifestyle trends,” said Li Haojun, the executive director at GGV, in a statement.

Keep has over 300 million registered users, out of which 38 million are active users. The Keep app provides its users with customized exercise sessions, fitness equipment, and even healthy snacks for purchase.