Beijing-based Mipao Technology, operator of mobile self-service fitness room booking app Mipao, has raised a RMB 8-digit sum in two rounds of funding completed within two months of the company's founding in June. Investors include Matrix Partners, ChinaEquity Group (833858.NEEQ), Whales Capital Holdings, and Lieying Angel Venture Investment, giving Mipao a post-money valuation of RMB 100 mln.
Mipao, founded in June 2017, operates several small-sized rooms deployed across residential communities, which generally house either a treadmill or a fitness bike. Each room is approximately four square meters large. Users book the rooms and open the door through Mipao's mobile app.
Mipao requires a RMB 99 deposit and charges a usage fee of RMB 0.2 per minute, according to founder Bi Zhen. Based on a workout of 20-30 minutes, a visit to the room costs about RMB 4-5. Including equipment and maintenance costs, Mipao expects to break even within 8 to 10 months.
Although the users fees are relatively cheap, Mipao also expects to generate additional revenues from advertising and brand marketing in the exercise rooms.
Mipao plans to have 1,000 locations in Beijing before the end of the year, and plans, through heavy iteration, to rapidly enhance the various smart features of its shared fitness rooms.
Editor's Note: According to Chinese IT industry investment information portal IT Juzi, Mipao won RMB 10 mln in seed funding in late May this year from Matrix Partners, followed by a RMB 15 mln angel round in August from Matrix Partners, ChinaEquity Group, Whales Capital Holdings, and Lieying Angel Venture Investment.