Chinese health club chain Supermonkey has finalised a series E funding round
The deal values the company at nearly US$1bn
The company's valuation is the latest sign of the hotting up of the Chinese fitness market
The government has set a target of 37 per cent if the Chinese population to be physically active by 2022
Chinese health club chain Supermonkey has finalised a series E funding round, valuing the company at nearly US$1bn.
The latest round was led by a sub-fund of CICC Capital – the investment platform of China International Capital Corporation.
The company's valuation is the latest sign of the hotting up of the Chinese fitness market, driven by increased wealth among the population's expanding middle class.
Founded in 2014, Supermonkey initially launched as a 24-hour, self-served gym concept in the city of Shenzhen.
It has since grown rapidly, however, and has added group classes to its offer.
It currently operates 150+ sites across China's main urban markets – including Shanghai and Beijing.
Its success has been partly credited to its flexible concept, which offers short-term memberships without long-term contracts.
Consumers can also access group classes and gym facilities on an hourly, pay-as-you-go basis via a mobile app.
The health and fitness sector is growing at a fast pace in China, partly due to the Chinese government's strategic plan to get more people engaged in regular exercise.
The government has set a target for 37 per cent of the adult population to be physically active by 2022, from a base figure of 28 per cent in 2007.