Shanghai-based Alibaba Sports, a subsidiary of Chinese e-commerce conglomerate Alibaba Group (NYSE: BABA), recently announced completion of over RMB 1.2 bln in Series A funding at a post-money valuation of RMB 8 bln. The round was led by Yunfeng Capital, a private equity firm co-founded by Alibaba chairman Jack Ma, with participation from institutions including Taiping Insurance Holdings (0966.HK).
Alibaba Sports also announced the strategic acquisition of internet fitness and sports brand Ledongli, the aim of which is to accelerate the development of Alibaba Sports' fitness services with the addition of Ledongli's technology assets.
Ledongli began as a step-counter app developed by Beijing-based Langdong Technology, and currently has 55 mln users covering running, fitness, and weight loss demographics. Ledongli and Alibaba Sports' technology teams are currently working together to develop and improve online running technology.
Alibaba Sports, established in September 2015, is controlled by Alibaba Group and received a joint investment from internet company Sina (Nasdaq: SINA) and Yunfeng Capital.
Editor's Note: For more information on this topic, please see Alibaba's Sports Business to Raise RMB 1.2 Bln in Series A Funding, MD 4/10/17 issue.