Over 300 Million Subscribers
Following the closing of the latest funding round, Keep is now worth around $2 billion post-money. The company doesn’t plan to go public yet as it is focused on attracting new investors while it continues to offer new features to exercise enthusiasts.
Other participants in the round include Hillhouse Capital and Coatue Management, GGV Capital, Tencent, 5Y Capital, Jeneration Capital, and Bertelsmann Asia Investments.
Keep launched back in 2014 when it started offering home workout plans and videos. In only three years, the company earned 100 million subscribers with that figure now standing at around 300 million.
Keep has signed up many fitness influencers and trainers over the past six years and now has a team of course creators and streaming trainers involved in its video streaming operations.
The company said the majority of its revenue comes from subscription fees from the 10 million users who pay for personalized workouts. Their business’s platform is also working on diversifying its services.
Last year, Keep rolled out a stationary internet-connected bike that features video instructions, similar to the US-based Peloton. In addition to that, Keep also introduced treadmills, smart wristbands, apparel, and more.
Four years after its launch, Keep rolled out its app globally as it started gaining exposure all around the world. The company said it would use its funds from the Series F round to keep improving its offerings and serving fitness enthusiasts in the light of the Chinese government’s drive for “national fitness.”
“We believe fitness has become an indispensable part of Chinese people’s everyday life as their income rises and health awareness grows,” said Eric Chen, managing partner at SoftBank Vision Fund.
The fitness sector in China has been skyrocketing lately as the country’s market for fitness studios was approximately worth ¥73.8 billion ($11.4 billion) in 2020, compared to ¥28.6 billion in 2015, according to database company Statista.
Chinese at-home workout trainer Keep has secured $360 million in the Series F funding round, led by Softbank Vision Fund. The company has introduced a variety of new services lately, with the most popular being its stationary internet-connected bike, which has attracted several investors last year.
About the Author
Avi Ben Ezra is the Chief Technology Officer (CTO) and Cofounder of SnatchBot and SnatchApp (Snatch Group Limited). He leads the Group’s long-term technology vision and is responsible for running all facets of the tech business which includes being the architect of the platforms and UI interfaces.