Taiwan-based fitness start-up, iFit has secured USD 3 million in series A funding led by previous investor Cherubic Ventures with participation from Yuan-Jin Capital, Sino Strategy Group, angel investor Alan Chien, and former manager of Lenovo Taiwan Ou Ming-Zhe. Including this round, the start-up has raised a total capital of USD 8 million in 3 rounds from 5 investors.
As per TechinAsia report, the raised funds will be used to grow its user base and to expand its presence in Southeast Asia and China. In March this year, the firm had received USD 900,000 in seed round. In 2012, iFit’s revenue was USD 2 million and now it set to bring over USD 6.6 million for 2014.
Started in 2012 as a Facebook fan page and two years later turned into a media entity that also co-produces TV shows and sponsored events. iFit sells a range of health foods and fitness products and currently has 670,000 members on its page. Next year, the company plans to reveal its own lines of ready-made meal and open physical storefronts.
Image Source: iFit