The funds will be used to boost hiring efforts, expand into new product lines, integrate into online-to-offline market, and go global
Taiwan-based fitness and weight loss platform iFit announced today that they raised $3 million in a Series A round led by existing investor Cherubic Ventures.
The investment also saw participation from Yuan-Jin Capital, Sino Strategy Group, lawyer and entrepreneur Alan Chien, and the former General Manager at Lenovo Taiwan, Ming-Zhe Ou, according to an official statement.
iFit had previously secured a seed investment of $900,000 from Taiwan-based Cherubic Ventures earlier this year to grow its content site, community, and e-commerce business.
The company has certainly done so, tripling its 2013 revenues from $2 million to $6.6 million this year, and growing its headcount from 20 to 60. In March 2014, it reported a member base of more than 500,000. It is unclear how many members there are on the platform today; e27 has reached out to understand this.
What the funding will do
The new injection of funds will help the firm further expand into new product categories, become a player in the online-to-offline market, and dedicate more resources to hiring talent in the engineering, customer service, marketing and design sectors.
Going forward, the startup will host more offline events like weight-loss competitions, marathons and runs, allow users to discover its products through physical stores, launch new product lines, and engage members with video content and mobile apps.
Additionally, iFit also has plans to become a global company with potential channel partners in various markets. It will start selling products in China and Southeast Asia next year, noted the same statement.
This post was originally published on e27.