Space Cycle, the leading premium boutique fitness and active lifestyle brand, announced today that it has closed a RMB100 million ($16 million) Series B round led by Alibaba Taiwan Entrepreneurs Fund II, managed by WI Harper Group.
Edward Liu, Partner at WI Harper Group, will join Space Cycle’s Board of Directors.
With six studios in Beijing, Shanghai and Taipei, Space Cycle is at the cutting edge of the live fitness industry, revolutionizing the fitness experience with its signature styles of indoor cycling, barre, yoga and dance.
In 2017, Space Cycle opened three new studios in China – including its flagship studios in Beijing and Shanghai.
Space Cycle’s state-of- the-art multimedia fitness studios, celebrity trainers and curated music playlists, through partnerships with popular music streaming services in Greater China, offer a tailored thematic live fitness experience that integrates music and entertainment with group fitness.
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Proceeds from the Series B funding will primarily be used to add new concept studios
throughout China. Space Cycle will also develop its online platform to further grow its offline-to-online presence.
CastleHill Partners was financial advisor to Space Cycle.
China’s health and fitness industry is set to reach more than $5 billion this year driven by the 385 million urban millennials with increasing disposable incomes and health awareness.
These consumers are shifting focus from traditional fitness and wellness options to more customizable and entertaining experiences.
“Space Cycle’s multi-modality premium fitness model allows people a choice in their fitness routine” said Matthew Allison, founder and CEO of Space Cycle.
“At Space Cycle, music is the secret sauce and we use it to create a vibrant social community and an entertainment driven, multi-layered fitness experience. With our proprietary training programs, celebrity trainers, live DJs and technologically advanced studios—all in high traffic premier commercial and retail locations, we represent a world-leading, fitness 3.0 offering to our user base.”
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Edward Liu, Partner at WI Harper Group, said the Space Cycle team are
innovators and disruptors in their industry. Converging fitness, music and entertainment has been very successful model in the US market. The same trend is emerging in the Chinese market and Space Cycle is at the forefront. – BusinessNewsAsia.com