Alibaba invests in gym company Space Cycle

Chinese e-commerce company Alibaba has invested heavily in the fitness business, as the Alibaba Taiwan Entrepreneurs Fund led an RMB-100-million Series B Financing in the fitness company Space Cycle.

CastleHill Partners have been the exclusive financial advisor to Space Cycle in this round financing. As shown in media reports, the new investment will be used to establish new studios and Space Cycle’s online platform and offline-to-online businesses.

Space Cycle claims that the health and fitness sector will reach $5 billion in China in the year 2018. The fitness brand, famous for its mixing music and group entertainment fitness, made its presence in mainland China in 2017 and has currently set up six studios in Beijing, Shanghai and Taipei.

The Alibaba Taiwan Entrepreneurs Fund, a not-for-profit project launched in Taiwan in 2015, aims to support local young entrepreneurs and graduates with financing and mentorship under the Alibaba ecosystem.

Source: Sina

Proofread by William Logsdon