SAN FRANCISCO, BEIJING and TAIPEI, Taiwan, Jan. 17, 2018 /PRNewswire/ — Space Cycle, the leading premium boutique fitness and active lifestyle brand, announced today that it has closed a RMB100 million Series B round led by Alibaba Taiwan Entrepreneurs Fund II, managed by WI Harper Group. Mr. 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.
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.”
Mr. Edward Liu, Partner at WI Harper Group, commented, “The Space Cycle team are innovators and disruptors in their industry. Converging fitness, music and entertainment has been a very successful model in the US market. The same trend is emerging in the Chinese market and Space Cycle is at the forefront. I’m very honored to join Space Cycle’s board and look forward to contributing closely with their team.”
About Space Cycle
Space Cycle operates premium boutique fitness studios throughout mainlandChina and Taiwan that combine fitness and entertainment through music, pop culture and innovative teaching methods to change the way people socialize around group exercise. Since 2005, the SPACE Group has operated Space Yoga, a leading yoga brand throughout Greater China. Space Cycle offers indoor cycling, barre, yoga and dance in a high-tech atmosphere specially curated around music, with in-studio software, lighting, audio and video-mapping technology that’s designed exclusively by the Grammy Award winning team 3-Legged Dog (3LD). Space Cycle instructors are developed by master and celebrity trainers in their physical modalities and in the art of using music in their classes and in engaging with Space Cycle members via social media. The Company has also organized hundreds of celebrity-led fitness-related events and has strategic partnerships with Nike, Lululemon and Mercedes Benz, as well as an online store and a proprietary mobile online booking app. Currently, there are six SPACE studios operating in Beijing, Shanghai and Taipei with plans to open more studios throughout Greater China.
About Alibaba Taiwan Entrepreneurs Fund
Alibaba Taiwan Entrepreneurs Fund is a not-for-profit initiative launched by Alibaba Group in 2015 to help young entrepreneurs and graduates realize their dreams and vision. The fund was set up in Taiwan to run the investment program locally. The fund will provide talented young entrepreneurs with access to investment capital and receive mentorship that will help them tap into the Mainland China and global markets through the Alibaba ecosystem.
About WI Harper Group
Founded in 1993, WI Harper Group is a global leader in cross-border early stage venture investing between the US and Asia. The firm manages US$1 billion in committed capital and has made over 300 investments with more than 100 exits. The firm maintains three offices in San Francisco, Taipei, and Beijing with over 20 investment professionals.
About CastleHill Partners
CastleHill Partners is a specialist merchant bank working with clients in the media, consumer upgrade and lifestyle industries in China and globally.
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SOURCE WI Harper Group