Monday December 4, 2023

Keep’s $2B Valuation

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Keep, China’s most popular fitness app, closed a $360 million Series F financing round.

SoftBank’s Vision Fund led the round, which also included Hillhouse Capital, Coatue Management and Tencent. GGV Capital, Bertelsmann Asia Investments, 5Y Capital and Jeneration Capital also participated.

With the new round of funding, Keep is valued at approximately $2 billion.

Keep’s Key Points: 

  • 300 million registered users
  • 38 million average monthly active users
  • 10 million users paying for personalized services
  • Foreign versions launched in 2018 — but the company slowed promotion in 2019

Along with home workout videos from an ecosystem of fitness influencers, Keep offers connected stationary bikes, treadmills, smart wristbands and apparel.

The company says it currently has no plans for an IPO. The new funding is meant to build on its current offerings and further establish Keep as a keystone to China’s focus on “national fitness.”

At-Home Fitness’ Big Biz: Peloton has seen its shares rise more than 400% over the past year. Other connected fitness companies continue to raise big money, like cycling software company Zwift, which raised $450 million in September 2020.  

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