Chinese fitness app Keep raises $80 million on the rise of home workouts
May 27, 2020
Chinese social fitness app Keep has raised $80 million in a Series E, reportedly gaining unicorn status after the funding round.
Why it matters: The capital raise signals investor confidence in China’s social fitness app market, which boomed during the Covid-19 self-isolation period when millions were confined indoors.
- During a capital shortfall in late 2019, Keep had fallen onto hard times and in October reportedly laid off up to 15% of its staff.
- China’s online fitness apps saw user numbers jump 12% year on year in the first quarter of 2020, a report from research institute Iresearch showed.
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