Future of Sport: A Global Sports Week x Viva Technology Collaboration, Will Open in June 14
12 Jun 2023 14:59
A sports investment fund co-established by Focus Media and FountainVest Partners has led to a US$50 million series C round investment in Codoon, a Chinese sports and wellness service provider integrating mobile apps and wearables.
The sports fund, launched last month by Focus Media and FountainVest Partners with US$400 million to invest in sports companies in China and overseas, injected US$30 million into Codoon in the fund's first investment. Existing investors SIG and SBCVC also participated in the round, according to an announcement by the company at a press conference yesterday (31st May).
Founded in 2010, Codoon received US$10 million series A round funding from Shenzhen Capital Group and CITIC Capital in 2014. Later that year, it completed US$30 million series B funding from SIG and SBCVC.
Codoon says it currently has over 50 million users, and is the largest online, mobile and social networking platform in China.
Focus Media and FountainVest Partners plan to use their own resources in advertising and their existing users to help Codoon grow quickly and take a dominant position in the sports market.
Source: Sina
Proofread by Sean O Diobhilin
Future of Sport: A Global Sports Week x Viva Technology Collaboration, Will Open in June 14
12 Jun 2023 14:59
Related coverage
Chinese sports consumption to hit US$227.7 bn by 2020
24 Jun 2016
Rastar Group complete Espanyol takeover
21 Jan 2016
Lander Sports to invest in Hangzhou Women's Soccer
13 Oct 2015
Rumour: Evergrande linked to West Brom deal
28 Jul 2016
Jorge Mendes in talks with Chinese investor over Gestifute
18 Jun 2015
More from Yutang Sports
Interview with Yiannis Exarchos: to narrate Olympic story in new ways and promote positive values
01 Jul 2024
SportAccord calls for the power of sport to lead anti-abuse actions
17 Apr 2024
Gender equality will be reflected at OBS's coverage of the Paris 2024 Olympic Games
16 Apr 2024
Ingmar De Vos elected as the next ASOIF President
10 Apr 2024
Birmingham Welcomes the World as SportAccord 2024 Kicks Off
08 Apr 2024
Yutang Sports
loading...