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Top 50 Fitness VC Funds & Investors in China (October 2026)

The most active venture capital funds investing in China Fitness startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in China Fitness startup companies. Find investors to raise a Seed, Series A or Series B round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Plum Ventures
VC Fund
6 China, United States, Hong Kong Series A, Angel, Seed Manufacturing, E-Commerce, Software $437k–$28M
Shunwei Capital
VC Fund
4 China, United States, India Series A, Series B, Seed Manufacturing, Software, Artificial Intelligence $1M–$74M
IDG Capital
VC Fund
4 China, United States, Singapore Series A, Series B, Seed Internet, Software, E-Commerce $600k–$110M
Panda Capital
VC Fund
4 China, United States, Malta Seed, Series A, Angel Blockchain, Robotics, Software $140k–$16M
Matrix Partners China
VC Fund
4 China, United States, Singapore Series A, Series B, Seed Health Care, Software, Biotechnology $1.2M–$137M
Frees Fund
VC Fund
3 China, United States, Singapore Series A, Seed, Angel Artificial Intelligence, Health Care, Biotechnology $447k–$28M
Agile Fund
VC Fund
3 China Series A, Venture - Series Unknown, Angel Health Care, Sports, Fitness $1.5M–$2.9M
HSG
VC Fund
3 China, United States, Singapore Series A, Series B, Seed Artificial Intelligence, Software, Health Care $2M–$200M
Locus Ventures
VC Fund
2 United States, India, Singapore Seed, Pre-Seed, Series A Artificial Intelligence, FinTech, Software $150k–$7M
Guangjian Lab
VC Fund
2 China Seed Fashion, Fitness, Big Data $150k–$2M
Ameba Capital
VC Fund
2 China, United States, India Angel, Series A, Seed Software, Information Technology, E-Commerce $425k–$23M
BAI capital
VC Fund
2 China, United States, Hong Kong Series A, Series B, Seed Software, Internet, Financial Services $3M–$100M
Dingxiang Capital
VC Fund
2 China Series A, Angel, Series B Information Technology, Hardware, Information Services $452k–$16M
Legend Star
VC Fund
2 China, United States, France Series A, Seed, Angel Health Care, Medical, Robotics $425k–$52M
Scrum Ventures
VC Fund
2 United States, Japan, China Seed, Series A, Series B Software, Artificial Intelligence, Information Technology $1.1M–$31M
PreAngel
VC Fund
2 China, United States, Switzerland Angel, Seed, Series A Internet, Software, Blockchain
Orbit Ventures
VC Fund
2 China, United States, India Seed, Pre-Seed, Convertible Note E-Commerce, Software, Artificial Intelligence $30k–$20M
Fosun International
VC Fund
2 China, United States, Israel Series A, Series B, Series C Health Care, Manufacturing, Information Technology $1.4M–$200M
36Kr
VC Fund
2 China Series A, Seed, Series C Manufacturing, Sports, Enterprise $1.5M–$40M
Yanyu Venture Capital
VC Fund
2 China Angel, Seed, Series A Sports, Fitness, Women's $828k–$4.1M
Lighthouse Capital Management
VC Fund
2 China, United States, Czech Republic Series A, Seed, Angel Hardware, Software, Manufacturing $425k–$50M
Kleiner Perkins
VC Fund
2 United States, China, United Kingdom Series B, Series A, Series C Software, Artificial Intelligence, Information Technology $5M–$110M
SkyChee Ventures
VC Fund
2 China, United States, Hong Kong Seed, Series A, Angel Artificial Intelligence, Software, Information Technology $463k–$29M
SIG China (SIG Asia Investments)
VC Fund
2 China, United States, Japan Series B, Series A, Series C Software, E-Commerce, Internet $3M–$150M
Fenghou Capital
VC Fund
2 China Angel, Series A, Seed Information Technology, Automotive, Information Services $425k–$16M
Tamarace
VC Fund
2 China Angel, Seed, Series A Software, Information Technology, Medical $425k–$6M
SOSV
VC Fund
2 United States, India, United Kingdom Seed, Convertible Note, Pre-Seed Biotechnology, Health Care, Software
SUVC
VC Fund
2 China Series A, Seed, Series C Software, Fitness, Health Care $1.5M–$141M
China Equity
VC Fund
2 China, United States, Canada Series A, Series B, Series C Software, Information Technology, Health Care $1.4M–$162M
The Arena Capital
VC Fund
2 China Series A, Seed, Angel Sports, Consumer Goods, Mobile $485k–$5M
Partech
VC Fund
2 France, United States, Germany Seed, Series A, Series B Software, Artificial Intelligence, E-Commerce $1M–$56M
Qixi Capital
VC Fund
2 China Series A, Seed, Angel CRM, Fashion, Fitness $1.5M–$16M
Xiaomi
VC Fund
2 China, India, United States Series A, Series B, Angel Manufacturing, Electronics, Software $435k–$70M
ZhenFund
VC Fund
2 China, United States, Singapore Seed, Series A, Angel Artificial Intelligence, Software, E-Commerce $146k–$22M
Initial Capital
VC Fund
1 United Kingdom, United States, Finland Seed, Series A Gaming, Mobile, Software
Redpoint Ventures China
VC Fund
1 China, United States, Nigeria Series A, Series B, Seed Software, Information Technology, Artificial Intelligence
Yianjie Qiche Xiaoshou
VC Fund
1 China Series A Fitness, E-Commerce, Health Care
BA Capital
VC Fund
1 China, Spain Series B, Series A, Seed Food and Beverage, Retail, E-Commerce $8.7M–$113M
Ruchuan Capital
VC Fund
1 China Angel, Seed, Series A Apps, Education, Snack Food $435k–$30M
Meridian Capital Asia
VC Fund
1 China, India, Latvia Series A, Series B, Angel Software, Information Technology, Internet $425k–$62M
ZB Capital
VC Fund
1 China, Malaysia, Israel Seed, Series A, Corporate Round Information Technology, Hardware, Software $300k–$22M
Vision Plus Capital
VC Fund
1 China, United States, Singapore Series A, Series B, Seed E-Commerce, Artificial Intelligence, Health Care $2.9M–$58M
Faxian Venture Capital
VC Fund
1 China Seed, Series A, Series B Manufacturing, Pet, Tea $1.1M–$14M
Cathexis Ventures
VC Fund
1 United States, India, Canada Seed, Series A, Pre-Seed Software, E-Commerce, SaaS $125k–$15M
Huagai Capital
VC Fund
1 China, United States, Hong Kong Series A, Series B, Angel Health Care, Medical, Biotechnology $425k–$90M
GSR United Capital
VC Fund
1 China, United States, Singapore Series A, Seed, Series B Manufacturing, Robotics, Automotive $450k–$50M
Particle Accelerator Limited (ParticleX)
VC Fund
1 Hong Kong, United States, Taiwan Seed, Pre-Seed, Series A Artificial Intelligence, Software, Information Technology $430k–$11M
CPE
VC Fund
1 China, United States, Israel Series A, Series B, Series C Manufacturing, Health Care, Biotechnology $2.8M–$1B
Tongren Boda
VC Fund
1 China Angel, Series A Health Care, Biotechnology, Pharmaceutical
China Capital Management
VC Fund
1 China Series A, Series B, Series C Manufacturing, Semiconductor, Automotive
Access all 259 VC funds in China Fitness startups.

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822 industries, 177 countries. Updated daily. Emails and phones included.

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Investor list

Plum Ventures
VC Fund · Changzhou, Zhejiang, China · 6 investments in China Fitness startups, 28 in the past 12 months

Plum Ventures is a venture capital company that aims to encourage young people to become entrepreneurs. It specializes ins providing seed and early-stage investments in the technology, new media, and telecommunications industry. The firm was founded in May 2014 and is based in Changzhou, China.

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Investment focus

  • Industry: Manufacturing, E-Commerce, Software
  • Stage:Series A, Angel, Seed
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 298
  • Round size: Seed $1.4M–$10M; Angel $437k–$3M; Series A $1.4M–$28M
  • Lead/follow: 33% lead, 67% follow
  • Last fund: May invest from a new fund soon — raised $78M in 2019

Portfolio highlights

  • Ora-Orb — Ora Orb is an AI companion combining a physical crystal-like device, an app, and a virtual character for daily mindfulness and reflection.
  • Ubinexus — Ubinexus focuses on the overall design capabilities of satellite communication payloads and satellite-based comprehensive digital processing technology to meet the multi-dimensional needs of low-orbit mega-constellation construction and provide users with the world's leading communication payload system.
  • Alphalong Technologies — Afalong Technology focuses on R&D of core AI and AR technologies and products, having developed advanced items like AI smart glasses, HemeltX all-in-one smart glasses, and specialized three-proof handheld terminals for smart glasses.
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Shunwei Capital
VC Fund · Beijing, Beijing, China · 4 investments in China Fitness startups

Shunwei Capital is a venture capital fund that focuses on early to mid-stage investments in local internet industry. It specializes in incubation, startups, early to mid-stage, and growth capital investments. It seeks to invest in the technology, media, telecommunications, high technology, new media, games, internet finance, and rural area internetsectors. Their investors include sovereign wealth funds, fund of funds, university endowment funds, and family offices.

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Investment focus

  • Industry: Manufacturing, Software, Artificial Intelligence
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, India

Investor stats

  • Total investments: 616
  • Round size: Seed $1M–$74M; Series A $1.5M–$41M; Series B $8.2M–$55M
  • Lead/follow: 32% lead, 68% follow
  • Last fund: May invest from a new fund soon — raised $1.2B in 2018

Portfolio highlights

  • Z.ai — The AI Lab behind GLM models, dedicated to inspiring the development of AGI to benefit humanity. https://t.co/gOw7WpwkJt https://t.co/ot9sGVXU8x
  • Sleptay — Sleptay is an innovative biopharmaceutical company, developing next-generation therapies for central nervous system diseases.
  • Baiyue Interlink — Baiyue Interlink is a commercial aerospace company capable of reusable Level 1 and Level 2 space transportation.
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IDG Capital
VC Fund · Beijing, Beijing, China · 4 investments in China Fitness startups, 70 in the past 12 months

IDG Capital is a global investment firm partnering with founders to build enduring businesses through capital, expertise, and long-term support.

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Investment focus

  • Industry: Internet, Software, E-Commerce
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 1220
  • Round size: Seed $600k–$44M; Series A $2M–$100M; Series B $6.2M–$110M
  • Lead/follow: 38% lead, 62% follow
  • Last fund: May invest from a new fund soon — last raise in 2017

Portfolio highlights

  • Naive.ai — Naive.ai is a startup specializing in training AI agents with open-source models. It emphasizes post-training of open-source models to develop advanced AI agents.
  • Arrow Yuan Technology — Arrow Yuan Technology focuses on the research and development of reusable stainless steel propellant tanks.
  • Apex Intelligence — Apex Intelligence develops self-evolving AI models for scientific discovery.
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Panda Capital
VC Fund · Shanghai, Shanghai, China · 4 investments in China Fitness startups

Founded in 2015, Panda Capital is a new generation venture capital firm in China focused on early-stage businesses powered by innovative and disruptive technology.Panda Capital is a disciplined early-stage investor focused on companies from Angel to Series B stages and strive to become their first or the second institutional investor.We focus onfast-growing tech startups in areas including Data Driven AI Applications, Enterprise Services, Fintech, Logistics, Mobility & Transportation, and New Generation Consumer Trends.Our family of portfolio companies include: Mobike (Now as Meituan Bike), Atzuche, Mi-Me Financial, 1ziton, Intengine Technology, Xunyi (Antwork), Robot++, Aiwhale, Dr. White and Fulmz AI, etc. Panda Capital have received various awards including "2017 & 2018 China Venture Capital Firms Top 10" by Zero2IPO, “2017 China’s Best Venture Capital Firms Top 10” and “2017 China’s Best Return Venture Capital Firms Top 10” by China Venture, and “2017 China Venture Capital Firms in Sharing Economy Top 10” by 36Kr, etc.

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Investment focus

  • Industry: Blockchain, Robotics, Software
  • Stage:Seed, Series A, Angel
  • Geography: China, United States, Malta

Investor stats

  • Total investments: 59
  • Round size: Seed $1.4M–$14M; Angel $140k–$1.6M; Series A $1.4M–$16M
  • Lead/follow: 31% lead, 69% follow
  • Last fund: May invest from a new fund soon — raised $105M in 2018

Portfolio highlights

  • Blue Protein — Blue Protein is a biotechnology company that focuses on the research and development of animal feed or edible insects.
  • Five hundred — Five hundred is an e-Commerce platform providing farm fresh fruits and vegetables to customers on a subscription basis.
  • Theia Studios — Icons of Theia - a tactical turn based strategy game
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Matrix Partners China
VC Fund · Beijing, Beijing, China · 4 investments in China Fitness startups

Matrix Partners China builds long-term relationships with entrepreneurs and helps them build significant, industry-leading companies.Since its inception in 1977, Matrix Partners China has made hundreds of investments and played an active role in the development of many successful businesses, 50 of which went on to IPO, and 75 of which have goneon to profitable M&A events. The firm consistently ranks in the top venture firms in terms of returns to its investors.Matrix Partners China combines local knowledge with global experience and vision. Its team consists of both former entrepreneurs and experienced investors. Its past successes include Focus Media, Eachnet, and Baidu, among others. The company invests across multiple sectors and stages.

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Investment focus

  • Industry: Health Care, Software, Biotechnology
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 706
  • Round size: Seed $1.2M–$74M; Series A $2.9M–$52M; Series B $10M–$137M
  • Lead/follow: 37% lead, 63% follow
  • Last fund: Likely still investing — raised $92M in 2023

Portfolio highlights

  • Camera360 — Camera360 is a professional but easy-to use App for photo editing and selfie retouching. Tag #camera360
  • BCI-Sonics — BCI-Sonics is an innovative medtech company developing non-invasive brain-computer interface solutions using advanced transcranial focused ultrasound (tFUS) technology. The company builds a next-generation therapeutic platform enabling precise neuromodulation to treat central nervous system disorders. BCI-Sonics develops low-intensity focusedultrasound technology that non-invasively stimulates deep brain regions with high precision. They combine ultrasound engineering and neuroscience to interface safely and effectively with the human brain without surgery. The company is creating an AI ultrasound brain-computer interface platform for therapeutic neuromodulation applications.
  • Liepin — Liepin is the largest and most professional high-end talent community-based recruitment site, with its innovative products and unique service model model for create an interactive high-end talent recruitment platform between business, headhunting and workplace. Tens of thousands of professional executive search consultant for businesses and jobseekers set up communication between the bridge and accelerate corporate recruitment process, recommended paying jobs in the workplace, career development planning. 16 job seekers to avoid the risk of privacy protection, millions of high-end elite member libraries, help enterprises development needs.
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Frees Fund
VC Fund · Beijing, Beijing, China · 3 investments in China Fitness startups

By adopting revolutionary mechanisms, FREES FUND is devoted to change the long-established rules in the venture capital. By leveraging the cutting-edge technologies and resources, FREES FUND aims at investing in great startups and helping them grow into great enterprises that are valuable to our society. We mainly invest in early-stagestartups, and hope to become their first-round institutional investor. Our primary interested areas are broad-sense TMT (Technology, Media, Telecom), B2B and deep technology.

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Investment focus

  • Industry: Artificial Intelligence, Health Care, Biotechnology
  • Stage:Series A, Seed, Angel
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 243
  • Round size: Seed $1.4M–$14M; Angel $447k–$10M; Series A $1.6M–$28M
  • Lead/follow: 28% lead, 72% follow
  • Last fund: May invest from a new fund soon — raised $144M in 2015

Portfolio highlights

  • Chuguang 3D — Chuguang 3D is a optical micro-nano 3D sensor technology platform that focuses on research and development, and manufacturing of micro-nano-level optical three-dimensional sensing and measurement and testing instruments.
  • Flysound — Flysound is a hearing technology company focused on making advanced AI-powered hearing aids affordable and accessible. Its products combine AI sound processing, Bluetooth connectivity, app-based personalization, and rechargeable convenience. With a focus on innovation, quality, and user-friendly design, Flysound aims to help people hear moreclearly and stay connected to everyday life.
  • Yanming Biology — Pyrotech pharmaceuticals is a biotechnology company that focuses om development for drugs for the treatment of inflammation and tumors.
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Agile Fund
VC Fund · Beijing, Beijing, China · 3 investments in China Fitness startups

Agile Fund was established in 2015 by a group of experienced Chinese venture capitalists with a very clear focus on the Chinese sports, fitness and wellness related industries. Since its inception, Agile Fund has made some 20 investments in various industries encompassing TMT, fitness, technology, marketing & new media, health care and consumergoods etc. Their GP team comprises of professional investors, seasoned entrepreneurs, senior marketing experts and highly experienced financial and research professionals. Their GP team has a diverse background and they are both strong in their over-all understanding of the Chinese business environment and their global outlook as well as international outreach. Agile Investment Management is one of the few in the market in terms of being able to stay clear-headed and sticking to their investment philosophy and discipline in the Chinese investment bubble in recent years. Their investments made in the past two years all exceeded expectation, which makes Agile Fund Management a recognized team in domestic Chinese VC community.

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Investment focus

  • Industry: Health Care, Sports, Fitness
  • Stage:Series A, Venture - Series Unknown, Angel
  • Geography: China

Investor stats

  • Total investments: 9
  • Round size: Series A $1.5M–$2.9M
  • Lead/follow: 11% lead, 89% follow

Portfolio highlights

  • HAIQIU — HAIQIU provides services of data collection, storage, analysis, and visualization for the sports industry. It integrates high-quality sports resources with the help of internet technology and innovative business models. The company was founded in 2016 and is headquartered in Beijing, China.
  • VCBeat — VCBeat is a Media & Entertainment platform focusing on healthcare industry.
  • ShapeJoy — ShapeJoy Interests is a company engaged in electronic, computer technology development in the field of information technology companies.
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HSG
VC Fund · Hong Kong, Hong Kong Island, Hong Kong · 3 investments in China Fitness startups

HSG is a leading venture capital and private equity firm investing globally in the technology, healthcare, and consumer sectors.

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Investment focus

  • Industry: Artificial Intelligence, Software, Health Care
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 1085
  • Round size: Seed $2M–$50M; Series A $4M–$100M; Series B $11M–$200M
  • Lead/follow: 45% lead, 55% follow
  • Last fund: Likely still investing — raised $2.5B in 2024

Portfolio highlights

  • Z.ai — The AI Lab behind GLM models, dedicated to inspiring the development of AGI to benefit humanity. https://t.co/gOw7WpwkJt https://t.co/ot9sGVXU8x
  • BCI-Sonics — BCI-Sonics is an innovative medtech company developing non-invasive brain-computer interface solutions using advanced transcranial focused ultrasound (tFUS) technology. The company builds a next-generation therapeutic platform enabling precise neuromodulation to treat central nervous system disorders. BCI-Sonics develops low-intensity focusedultrasound technology that non-invasively stimulates deep brain regions with high precision. They combine ultrasound engineering and neuroscience to interface safely and effectively with the human brain without surgery. The company is creating an AI ultrasound brain-computer interface platform for therapeutic neuromodulation applications.
  • Suisheng Technology — Suisheng Technology is an innovative company specializing in AI-driven memory services, dedicated to developing intelligent solutions that help individuals and businesses capture, organize, and retrieve important information with greater efficiency and precision.
Show all investments...

Locus Ventures
VC Fund · Palo Alto, California, United States · 2 investments in China Fitness startups

Locus Ventures is a seed fund that invests in passionate founders looking to build important, world-changing companies. Its partnership is unique in its wealth of startup founding and operating experience in both Silicon Valley and Asia. It works closely with founders in their portfolio and offers guidance on product design and development,customer acquisition, team-building, and fundraising.Since 2016, its portfolio companies have raised over $300 million in follow-on funding from first-tier VC like Sequoia Capital, Foundation Capital, Khosla Ventures, Founders Fund, NEA, CRV, DST Partners and Naspers, with an aggregate market cap over $2 billion.Locus Ventures was founded in 2016 by Google, Facebook, and Y Combinator alums.

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Investment focus

  • Industry: Artificial Intelligence, FinTech, Software
  • Stage:Seed, Pre-Seed, Series A
  • Geography: United States, India, Singapore

Investor stats

  • Total investments: 35
  • Round size: Seed $150k–$7M; Pre-Seed $913k–$3.4M
  • Lead/follow: 0% lead, 100% follow
  • Last fund: May invest from a new fund soon — last raise in 2020

Portfolio highlights

  • Botsync — Botsync builds autonomous mobile robots to automate and digitize movement of goods from point to point for the logistics and manufacturing industry. Our robots can carry payloads from 500 kg to 1 tonne and are designed to operate in dynamic environments. Botsync's AMRs can be implemented at new facilities in minimal time with very minimalchanges to the existing infrastructure. With our technology, we hope to pioneer and push for larger scale adoptions of robotic automation in Asia's logistics and manufacturing industry.
  • ShoprTV — ShoprTV is an app-based platform for live and interactive shopping.
  • Swipe — Swipe is simple and fast GST billing software for small businesses. Manage Invoices, Quotations, Purchase Orders, Payments, Inventory at a single place. Start free trial today!
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Guangjian Lab
VC Fund · 2 investments in China Fitness startups

Guangjian Lab

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Investment focus

  • Industry: Fashion, Fitness, Big Data
  • Stage:Seed
  • Geography: China

Investor stats

  • Total investments: 2
  • Round size: Seed $150k–$2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • LemonBox — LemonBox combines big data and US registered dietitians, to offer personal, nutritional, and living-well advice to Chinese customers. It provides personalized daily vitamin packs made in the U.S. and shipped to customers within 7-10 days, based on a monthly subscription model. LemonBox was founded in 2016 and is based in Beijing, China.
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Access 48,091 investors

822 industries, 177 countries. Updated daily. Emails and phones included.

Browse database — It's Free!
Ameba Capital
VC Fund · Shanghai, Shanghai, China · 2 investments in China Fitness startups

Ameba Capital is a Chinese venture capital firm that provides early and growth stage investments. Ameba Capital makes investments in the telecommunications, media, and technology industries, focusing on SaaS, AI, Digital Transformation and other disruptive technologies.

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Investment focus

  • Industry: Software, Information Technology, E-Commerce
  • Stage:Angel, Series A, Seed
  • Geography: China, United States, India

Investor stats

  • Total investments: 86
  • Round size: Seed $1.4M–$23M; Angel $425k–$1.4M; Series A $1.4M–$20M
  • Lead/follow: 35% lead, 65% follow
  • Last fund: Likely still investing — raised $265M in 2021

Portfolio highlights

  • Bose Quantum — Bose Quantum has the patent layout and core technology of quantum computing technology comparable to that of the United States. The scientific research achievements in the field of quantum computing are currently the only solution with short-term commercialization feasibility in the world, creating a new generation of quantum computing poweracceleration for artificial intelligence. Artificial intelligence co-processing equipment to achieve megabit ultra-large-scale quantum computing. The Bose Quantum team has completed the CIM engineering prototype verification of 1000+ qubits abroad, and has stably running some accelerated algorithms. The technical advantages of Bose Quantum are reflected in the fact that the CIM technology solution adopted is the most advanced second-generation optical quantum computing technology, which is the most advanced quantum computing technology route in the three major mainstream scalable quantum computing technology routes of superconductivity, ion trap and optical quantum. The largest technical solution.
  • Sequence Technology — Sequence Technology emphasizes in the production of polymer materials used in the semiconductor manufacturing process.
  • Artificial Productivity — Artificial Productivity is a technology company that specializes in computer system services.
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BAI capital
VC Fund · Beijing, Beijing, China · 2 investments in China Fitness startups, 14 in the past 12 months

BAI Capital is a leading venture capital fund in China. Since 2008, the team of BAI Capital has invested in more than 200 portfolios, including 17+ IPOs and 40+ unicorns. BAI Capital has two main focuses: China-based global companies and China’s structural transformation. BAI Capital seeks to partner with and empower outstanding Chinese companiesand entrepreneurs that can leverage the multiplier effect of China’s technology, talent, and supply chain advantages and to expand globally in consumer retail and services, fintech, media and content innovation, Web3 and metaverse. On the other hand, at the turning point of China’s structural transformation, the fund will also seize major cross-cycle disruption opportunities in frontier and infra tech, electric vehicles and autonomous driving, and industrial upgrade driven by enterprise software development.The investor base for BAI Capital includes institutional investors such as sovereign wealth funds, large insurance companies, internet giants and fund of funds globally, as well as Bertelsmann. BAI Capital has its background from Bertelsmann Asia Investments, part of the Bertelsmann Group.

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Investment focus

  • Industry: Software, Internet, Financial Services
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 159
  • Round size: Seed $4M–$100M; Series A $3M–$50M; Series B $14M–$100M
  • Lead/follow: 38% lead, 62% follow
  • Last fund: Likely still investing — raised $700M in 2022

Portfolio highlights

  • Nex — Nex is an entertainment company that makes moving and transforms activity into play. It builds motion-based entertainment that engages in mobile games, gaming, technology, motion games, fitness, AR, iOS, and android.
  • Humanlaya — Humanlaya Data Lab is an AI data lab that designs and maintains benchmark tasks and datasets for evaluating large language models. The company focuses on high-economic-value, complex, real-world scenarios instead of simple test-style questions. Its work includes creating resources like OneMillion-Bench to assess model performance on expert-leveltasks. Humanlaya Data Lab serves AI research groups, model developers, and enterprises that rely on robust evaluation of AI systems. It provides structured data and evaluation standards that support more accurate measurement of AI capabilities and risks.
  • Shumeiwuwu — Shumeiwuwu is a cross-border e-commerce company that provides quality goods and services to consumers through global shopping.
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Dingxiang Capital
VC Fund · Beijing, Beijing, China · 2 investments in China Fitness startups

Dingxiang Capital is a venture capital firm that focuses on investments in the IT industry.

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Investment focus

  • Industry: Information Technology, Hardware, Information Services
  • Stage:Series A, Angel, Series B
  • Geography: China

Investor stats

  • Total investments: 13
  • Round size: Angel $452k–$6.3M; Series A $1.5M–$16M
  • Lead/follow: 8% lead, 92% follow

Portfolio highlights

  • Meross — Meross is a smart home product developer specializing in the research and development and design of smart home security and energy-saving products. Its main products include smart sockets, smart light bulbs, smart sockets, smart light strips, smart buttons, intelligent temperature control and Smart switches, etc.
  • Iluvatar CoreX — Iluvatar CoreX is a leading developer of high-performance computing solutions including System-on-a-Chip (SoC) chipset and its proprietary software platform. The company was founded in December 2015 by a group of world-class software and semiconductor experts from Silicon Valley and China which have been working together for more than two decadesin the field of AI at companies like Oracle, AMD/ATI and Fujitsu.Iluvatar has assembled a group of experts in system software, computing middleware, algorithms, parallel processing, GPU, AI, and IC design to develop end-to-end high-performance processing solutions in-house. Iluvatar solution addresses the limitations on computing power needs for AI applications by creatively exploiting the advantages of ultra-large-scale parallel computing architecture, with its general-purpose, standard, and high-performance cloud computing SoC solution (GP-GPU). Iluvatar solution is already proven. For the last 3 years, the company has been shipping its new generation of data processing software technology (soft silicon) named SkyDiscovery.
  • Zhenwei Xiaomeiyuan — Zhenwei Xiaomeiyuan is a food-tech company that offers flavourful semi-finished dishes.
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Legend Star
VC Fund · Beijing, Beijing, China · 2 investments in China Fitness startups, 16 in the past 12 months

Legend Star helps entrepreneurs create great businesses through investments, CEO training sessions and an entrepreneurs alliance.Since 2008, Legend Star has incubated and invested in nearly 600 companies and is deeply integrated in the Chinese entrepreneurial ecosystem.Legend Star is the independent early-stage investment arm of LegendHoldings. Legend Holdings is the parent company of Lenovo, Raycom Real Estate, Joyvio Agribusiness and a large range of fast-growing Chinese companies.

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Investment focus

  • Industry: Health Care, Medical, Robotics
  • Stage:Series A, Seed, Angel
  • Geography: China, United States, France

Investor stats

  • Total investments: 172
  • Round size: Seed $1.5M–$19M; Angel $425k–$7.8M; Series A $1.5M–$52M
  • Lead/follow: 23% lead, 77% follow
  • Last fund: May invest from a new fund soon — raised $127M in 2018

Portfolio highlights

  • CellWall — Cellwall is a desktop robot developer focused on the research, development, upgrade, and marketing of its initial product, CyboPal ONE.
  • Ubot Robotics — Ubot Robotics is dedicated to developing leg-and-foot bionic robots and has built a diverse range of bipedal, quadrupedal, hexapodal, and other leg-and-foot bionic robots.
  • Active Technology — Active Technology is a pioneering deep tech startup specialized in developing invasive brain computer interface (BCI) technology. The company integrates flexible electrodes, dedicated chips, and advanced decoding algorithms to target motor, visual, and emotional neural pathways.
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Scrum Ventures
VC Fund · San Francisco, California, United States · 2 investments in China Fitness startups

Scrum Ventures is an early-stage venture firm that has invested in over 80 startups across a range of industries in the U.S. and Japan. Based in San Francisco with extensive experience and networks in both Silicon Valley and Japan, Scrum Ventures accelerates portfolio companies with global opportunities. Scrum Studios is reinventing the traditional accelerator -- taking a stage-agnostic approach in connecting best-in-class startups with leading Japanese corporations.

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Seed, Series A, Series B
  • Geography: United States, Japan, China

Investor stats

  • Total investments: 150
  • Round size: Seed $1.1M–$6M; Series A $6M–$31M; Series B $4M–$28M
  • Lead/follow: 3% lead, 97% follow
  • Last fund: Likely actively investing — fresh fund, raised $68M in 2025

Portfolio highlights

  • BiPSEE — BiPSEE is a medical XR company that provides treatment support for children for the purpose of nurturing a sense of self-efficacy. They also deploy AR and VR animation with one button dentistry and medicine, whether outpatient or hospitalized in various situations your child's anxiety and pain relieve. It aims to reduce anxiety and pain inchildren in a wide range of medical fields such as dentistry, pediatrics, and dermatology.BiPSEE is abs ed in Tokyo, Japan.
  • SEQUENTIAL — 5,971 Followers, 1,054 Following, 268 Posts - See Instagram photos and videos from Sequential Skin (@sequential.skin)
  • ALT Sports Data — Real Time Alternative Sports Betting Data.
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PreAngel
VC Fund · Beijing, Beijing, China · 2 investments in China Fitness startups

PreAngel is a 30M RMB investment fund focused on early stage internet startups. Investment on each project range from 100K to 1M RMB. In addition to investment, PreAngel plays a key role as "co-founder", providing guidance in startup operation, business model refinement and industry resources.

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Investment focus

  • Industry: Internet, Software, Blockchain
  • Stage:Angel, Seed, Series A
  • Geography: China, United States, Switzerland

Investor stats

  • Total investments: 104
  • Lead/follow: no public data

Portfolio highlights

  • Ajuna Network — Ajuna Network is a decentralized ecosystem for gamers and creators.
  • X World Games — Founded in 2018, X World Games (“XWG”) aims to build the next-gen decentralized gaming metaverse.X World Games' vision is to build a diversified gaming ecosystem that connects traditional gamers with the blockchain world and invite more game developers into the crypto space by creating and providing the underlying blockchain framework.Withits gaming innovation, crypto game - Dream Card, NFT Marketplace and DeFi Pool, X World Games now serves over 2 million registered gamers, and has quickly become the fastest-growing crypto gaming platform in the ecosystem.X World Games is headquartered in Singapore with a 100+ dynamic team located worldwide.
  • Feiba Business Travel — Feiba Business Travel is a business trip ticket service platform
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Orbit Ventures
VC Fund · Singapore, Central Region, Singapore · 2 investments in China Fitness startups, 32 in the past 12 months

Orbit helps scale breakthrough startups from around the globe across emerging and frontier markets.

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Investment focus

  • Industry: E-Commerce, Software, Artificial Intelligence
  • Stage:Seed, Pre-Seed, Convertible Note
  • Geography: China, United States, India

Investor stats

  • Total investments: 577
  • Round size: Seed $100k–$2M; Pre-Seed $100k–$1M; Convertible Note $30k–$20M
  • Lead/follow: 73% lead, 27% follow
  • Last fund: Likely still investing — fund raised in 2024

Portfolio highlights

  • i4TECH — Modular, scalable, fully managed manufacturing digital solutions that enable your AI adoption. Moving Industry 4.0 forwards with a unified, comprehensive data driven approach
  • Qanary — Qanary is a digital second-opinion platform designed to help radiologists detect cancer at its earliest, most treatable stages.
  • openmed — OpenMed provides digital healthcare services, telemedicine, pharmacy products, diagnostics, and medication delivery.
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Fosun International
VC Fund · Shanghai, Shanghai, China · 2 investments in China Fitness startups

Fosun International Limited is a Hong Kong-based investment holding company engaged in financial, property, steel, and healthcare businesses. The Company has nine segments. Insurance operates and invests in insurance businesses. Investment is engaged in strategic investment, private equity investment, venture capital investment, and secondarymarket investment.Fosun International Limited was founded in 1992.

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Investment focus

  • Industry: Health Care, Manufacturing, Information Technology
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, Israel

Investor stats

  • Total investments: 124
  • Round size: Series A $1.4M–$16M; Series B $4M–$35M; Series C $4.4M–$200M
  • Lead/follow: 45% lead, 55% follow

Portfolio highlights

  • ROBOT++ — Robot++ is a research and development of intelligent robots company.
  • Tong Tong Pay — Tong Tong Pay has a financial payment system and has developed payment products such as fast payment, online banking payment, account payment, certified payment, and prepaid card payment. It is a financial payment service provider. For inquiries, email, telephone numbers, and physical addresses are available on their website.
  • Digital Asset Clearing Center — DACC's technology links blockchain networks with conventional payment infrastructure, such as China's Cross-Border Interbank Payment System (CIPS), to offer clearing and settlement services for tokenized assets.
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36Kr
VC Fund · Beijing, Beijing, China · 2 investments in China Fitness startups

36Kr was founded in July 2011 as a company dedicated to serve entrepreneurs. Over six years, it has grown into a comprehensive service provider aimed at serving innovative tech companies while being the largest and strongest ecosystem-based platform that boasts comprehensive coverage over a myriad of sectors with a game-changing vision. So far,36Kr consists of three major business segments: 36Kr media, Venture Capital and Kr Space, through which they strive to offer Chinese entrepreneurs and SMEs with one-stop service encompassing providing of information, matchmaking of financing and direct access to funding, not to mention office solutions and relevant incubating services. They aspire to become the platform that provides entrepreneurs and SMEs with ambient services that can help them grow, nothing short of utilities. 36Kr has served over 20,000 startups and helped to secure next round financing for 4,000 firms with free-of-charge services throughout the entire process, supporting startups to embark on their very first steps. Currently, over 90,000 startup projects are being proceeded on the 36Kr on-line platform where 80% of premium projects are hosted. Meanwhile, they have established an investment alliance of top 15 Chinese institutional investors with the mission of offering the best financing support to the most promising bunch of entrepreneurs.Out of recognition of their vision, China’s fintech giant Ant Financial has made a strategic investment in 36Kr so as to better SMEs’ financing needs. In addition, 36Kr is also favored by globally-renowned Matrix Partners China and traditional securities giant China Securities, with both as its shareholders. Another strategic investor – China Merchants Group’s VC was introduced in 2016.

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Investment focus

  • Industry: Manufacturing, Sports, Enterprise
  • Stage:Series A, Seed, Series C
  • Geography: China

Investor stats

  • Total investments: 31
  • Round size: Seed $2.9M–$3M; Series A $1.5M–$15M; Series C $14M–$40M
  • Lead/follow: 26% lead, 74% follow
  • Last fund: May invest from a new fund soon — raised $144M in 2018

Portfolio highlights

  • PureblueAI — PureblueAI is an AI-powered digital workforce platform operator specializing in enterprise marketing scenarios.
  • Shebaotong — Shebaotong provides social security, provident fund, commercial insurance, salary services, labor cost optimization and other services.
  • Shihang Intelligent — Shihang Intelligent is a company that creates water robots and intelligent unmanned equipment. It requires "the ability to fight in wartime and respond in emergencies, with a focus on independent research and development, production, and sales of water robots and intelligent unmanned equipment. The company focuses on surface/underwaterspecial operation robots and takes "being able to fight in wartime, respond in emergencies, and provide peacetime services"
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Yanyu Venture Capital
VC Fund · 2 investments in China Fitness startups

Yanyu Venture Capital operates as an investment firm.

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Investment focus

  • Industry: Sports, Fitness, Women's
  • Stage:Angel, Seed, Series A
  • Geography: China

Investor stats

  • Total investments: 4
  • Round size: Angel $828k–$4.1M
  • Lead/follow: 100% lead, 0% follow

Portfolio highlights

  • Jimei Culture — Jimei Culture operates women's body shaping and temperament academy, focusing on improving women's image through body shaping, fitness dance, temperament training, and star casting.
  • Qilai Technology — Qilai Technology is a professional human resources service organization dedicated to developing new employment channels and human resource management methods, using advanced information technology and powerful network platforms to bridge the communication gap between enterprises and talents, and providing high-level human resources solutions andsupport services to employers.
  • Yujingdu Small Stove — Yujingdu Small Stove is a hot pot brand that uniquely blends ingredients from across the nation to create a distinctive flavor. Its signature broth, made by simmering pure beef bones, is aromatic and rich. It focuses on premium ingredients like fresh beef, bamboo shoots, wutacai, and mushrooms, all rigorously selected for quality. Committed tofreshness, it offers a 24-hour farm-to-table delivery service, ensuring consumers enjoy the freshest ingredients.
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Lighthouse Capital Management
VC Fund · Shanghai, Shanghai, China · 2 investments in China Fitness startups

Lighthouse Capital Management is an early venture capital fund focusing on the Chinese and US markets. It has been focusing on angel/VC equity investment in excellent content and products and currently manages two RMB Fund and a dollar fund.The firm has invested in more than 40 growth projects in mainland China and overseas, focusing onhardware equipment and "Internet +" method empowerment and enterprise data services. It is managing billions of dollars in total assets, investing in the total market value of domestic and foreign companies over 100 Billion dollars.Lighthouse Capital was founded in 2011 and is based in Shanghai, China.

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Investment focus

  • Industry: Hardware, Software, Manufacturing
  • Stage:Series A, Seed, Angel
  • Geography: China, United States, Czech Republic

Investor stats

  • Total investments: 36
  • Round size: Seed $1M–$10M; Angel $425k–$899k; Series A $451k–$50M
  • Lead/follow: 19% lead, 81% follow
  • Last fund: May invest from a new fund soon — raised $138M in 2015

Portfolio highlights

  • Skysys — Skysys is a company that focuses on data acquisition and analysis services for drones. It provides customers with complete solutions for automatic charging, automatic scheduling, automatic acquisition and automatic analysis. It is committed to becoming the leading enterprise in data collection and analysis of Chinese civil rotary aircraft. From thedata and services to gold mining, the development of mature rotorcraft drone automatic driving artificial intelligence.
  • Boshang — Boshang focuses on vertical industries, building low-cost and high-quality private LTE/5G private networks for enterprise customers, and providing slicing and in-depth customized services for different business needs.
  • Foxdeli — Foxdeli helps online stores stay connected with customers from purchase to unboxing through transactional emails and easy shipment tracking.
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Kleiner Perkins
VC Fund · Menlo Park, California, United States · 2 investments in China Fitness startups, 71 in the past 12 months

Kleiner Perkins is an American venture capital firm headquartered on Sand Hill Road in Menlo Park in Silicon Valley.

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Investment focus

  • Industry: Software, Artificial Intelligence, Information Technology
  • Stage:Series B, Series A, Series C
  • Geography: United States, China, United Kingdom

Investor stats

  • Total investments: 1362
  • Round size: Series A $5M–$50M; Series B $10M–$75M; Series C $12M–$110M
  • Lead/follow: 31% lead, 69% follow
  • Last fund: Likely actively investing — fresh fund, raised $58M in 2026

Portfolio highlights

  • Armadin Security — Armadin Security is an AI-powered cybersecurity company that specializes in real-time threat hunting.
  • Harvey — Harvey is an artificial intelligence technology service provider.
  • Profound — 1. https://t.co/uNIJRlRUFJ 2. https://t.co/tNizCMQYpy 3. https://t.co/ljElw4BSK7
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SkyChee Ventures
VC Fund · Beijing, Beijing, China · 2 investments in China Fitness startups

SkyChee Ventures focuses on Hardware as a Service investments that combine highly competitive Asian manufacturing capabilities with global software and talent to enable new business models and revenue opportunities. They create value by combining global markets with technology innovation and value-add services. They focus on early stage technologyenabled investment opportunities.

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Investment focus

  • Industry: Artificial Intelligence, Software, Information Technology
  • Stage:Seed, Series A, Angel
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 38
  • Round size: Seed $3.1M–$10M; Angel $463k–$471k; Series A $1.5M–$29M
  • Lead/follow: 61% lead, 39% follow

Portfolio highlights

  • DeePoon — DeePoon VR develops head mounted devices as well as VR content. DeePoon’s technology is supported on both PC and mobile platforms. Its VR content distribution platform 3Dbobo has accumulated more than 1.5 million users, according to the company. The company’s valuation has now reached USD 830 million. They landed USD 30 million from downloadmanager Xunlei and mobile game developer Kingnet in Series B financing in December 2015. DeePoon will be able to use Xunlei’s technology in its content distribution network and cooperate with Kingnet to develop VR games. Animation and culture company Alpha also invested in the company and became its strategic partner at the end of last year to further collaborate in animation production, film production and game development. DeePoon’s main products include the Virglass series and E series VR helmets, which feature Active Matrix/Organic LED (AMOLED) display screens.
  • Future Box — Future Box is a provider of prefabricated industrial digital decoration solutions. It focuses on modular decoration and incorporates software R&D, design, supply chain, and overall installation and implementation services.
  • Moying Robotics — Moying Robotics is an enterprise that focuses on the development of mobile collaborative robots and application integration systems.
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SIG China (SIG Asia Investments)
VC Fund · Shanghai, Shanghai, China · 2 investments in China Fitness startups

SIG's China venture capital and private equity activities are operated through SIG Asia Investments, LLLP (SAI) and its wholly foreign owned enterprise (WFOE) based in Shanghai with a branch office in Beijing. The SIG China team seeks to commit the firm’s capital to venture capital and private equity investments in China.SAI is a member ofthe Susquehanna International Group of companies (SIG), which has evolved over the past 20+years into a leading financial institution focusing on trading and market making, institutional sales and research, private equity, and venture capital. With more than 1,400 employees across offices worldwide, SIG’s professionals develop ideas in an entrepreneurial environment, taking full advantage of SIG’s cutting edge technology and quantitative research.SIG is committed to expanding its global businesses in China. As part of that effort SAI has been mandated to commit SIG's proprietary capital in VC and PE investments in companies operating in the PRC.

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Investment focus

  • Industry: Software, E-Commerce, Internet
  • Stage:Series B, Series A, Series C
  • Geography: China, United States, Japan

Investor stats

  • Total investments: 270
  • Round size: Series A $3M–$31M; Series B $8M–$53M; Series C $15M–$150M
  • Lead/follow: 42% lead, 58% follow
  • Last fund: May invest from a new fund soon — raised $200M in 2009

Portfolio highlights

  • xMEMS — xMEMS Labs is driving the future of Edge AI with pioneering solid-state MEMS speakers and micro-cooling technology, delivering breakthrough silicon audio, fan-on-a-chip thermal management, and piezoMEMS innovations for AI wearables, intelligent eyewear, smart glasses, earbuds, headphones, mobile devices, and next-generation consumer electronics.
  • RapidBox — Rapidbox is ecommerce website for footwear and fashion accessories
  • Kabest Coffee — Kabest Coffee is a beverage manufacturing company that engages in the production and sales of coffee. The company also engages in brand management, wholesale of edible agricultural products, and sales of unprocessed nuts and dried fruits.
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Fenghou Capital
VC Fund · Beijing, Beijing, China · 2 investments in China Fitness startups

Fenghou Capital is early-stage equity investment firm.

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Investment focus

  • Industry: Information Technology, Automotive, Information Services
  • Stage:Angel, Series A, Seed
  • Geography: China

Investor stats

  • Total investments: 63
  • Round size: Seed $1.5M–$2.6M; Angel $425k–$1.5M; Series A $1.5M–$16M
  • Lead/follow: 19% lead, 81% follow

Portfolio highlights

  • Benewake — Benewake is the leading provider of solid-state LiDAR sensors and solutions. We won the Championship of Audi Innovation Lab.Completed the Series B2 funding in 2018, Benewake has built a strong connection with our global top-tier investors globally and locally, including IDG Capital, Shunwei Capital, Cathay Capital (Valeo LP), Delta Capital,Keywise Capital, and Ecovacs.Benewake LiDAR products, including basic flash LiDAR and 3D LiDAR, have achieved mass production level with corresponding certificates. Our LiDAR solutions are widely used in autonomous vehicles (collision avoidance), drones (logistics, agricultural plant protection), ITS, robots (smart home), AGV (logistics and warehouse management).Benewake LiDAR products, with the protection of intellectual property rights, have been widely launched to Europe, America, Asia-Pacific market, etc.
  • Guifenghuang — Guifenghuang is a chain of snack stores that promotes Guizhou rice noodles pre-packaged products, and agricultural specialty products.
  • Fengmao Dongtou — Fengmao Enterprise is a bulk raw material logistics operator that transports bulk chemical products corrosive and non-corrosive by road.
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Tamarace
VC Fund · Shenzhen, Guangdong, China · 2 investments in China Fitness startups

Tamarace is a venture capital private equity firm focusing on investing TMT, mobile Internet, culture, entertainment, O2O, intelligent hardware, smart home, big data, and cloud computing. It was founded in 2011 and grows to over 50 members in 2017.

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Investment focus

  • Industry: Software, Information Technology, Medical
  • Stage:Angel, Seed, Series A
  • Geography: China

Investor stats

  • Total investments: 24
  • Round size: Seed $454k–$5M; Angel $425k–$1.5M; Series A $456k–$6M
  • Lead/follow: 46% lead, 54% follow

Portfolio highlights

  • Guoyu qianjian — Guoyu Qianjian is a building and operating company that specializes in airbag sports venues. Its operations include sports event organizing, investment, construction, and maintenance of sports venues, as well as fitness and leisure activities. It actively encourages athletic power with its central tenet of "injecting sports genes into everychild". Its airbag sports facilities are more ecologically friendly, low-carbon, energy-efficient, versatile, and adjustable, and they can accommodate various social groups' sporting demands at various times.
  • Huachuang Shenting — Huachuang Shenting is a non-invasive brain AI detection company that develops AI detection technology for cranial and brain health.
  • Xiling Biotechnology — Xiling Biotechnology is a medical company that specializes in the development of oncology and advanced treatments for malignant tumors.
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SOSV
VC Fund · Princeton, New Jersey, United States · 2 investments in China Fitness startups, 75 in the past 12 months

SOSV is a global, deep tech venture capital firm that operates the HAX and IndieBio startup development programs focused on human and planetary health. SOSV invests $500,000 in startups at their inception as they onboard either HAX or IndieBio for a 4-6 month period designed to accelerate the raise of their next institutional round. SOSV joins thelater rounds of HAX and IndieBio graduates. HAX, based in a 35,000 sq ft facility in Newark, NJ, is equipped with machine tools, 3D printers, chemical, electrical and mechanical engineering labs, as well as on-staff engineering and design experts. SOSV's IndieBio has locations in NYC and San Francisco, both of which offer extensive services and facilities to founders including on-site BSL-2 labs, well equipped lab benches and hoods, and advanced lab equipment, such as chromatography equipment.

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Investment focus

  • Industry: Biotechnology, Health Care, Software
  • Stage:Seed, Convertible Note, Pre-Seed
  • Geography: United States, India, United Kingdom

Investor stats

  • Total investments: 1482
  • Lead/follow: no public data

Portfolio highlights

  • MixRift — MIXRIFT - game developers specialized in Mixed Reality
  • unspun — From 3D scan to perfect fitting custom jeans. unspun makes each pair of jeans unique to your actual body and design. On a mission to reduce global carbon emissions by 1%. As seen in Fast Company's World Changing Ideas, Time's Best Inventions, and PopSci's Best of What's New. Welcome to the future of apparel.
  • Mesa Quantum — Unlock the potential of chip-scale quantum sensing for enhanced Position, Navigation, And Timing capabilities. Explore Mesa Quantum's practical solutions.
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SUVC
VC Fund · Shenzhen, Guangdong, China · 2 investments in China Fitness startups

Founded in 2014, Sino-US Venture Capital currently has three branches in Shenzhen, Beijing, and the US Silicon Valley, looking for better innovation projects based on the dual-radiation model between China and the United States. Focus on China-US Internet and mobile internetIn the TMT industry, the main investment targets are outstanding start-upcompanies in the seed, start-up and growth stages.

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Investment focus

  • Industry: Software, Fitness, Health Care
  • Stage:Series A, Seed, Series C
  • Geography: China

Investor stats

  • Total investments: 11
  • Round size: Seed $1.5M–$2.6M; Series A $2.8M–$16M; Series C $30M–$141M
  • Lead/follow: 36% lead, 64% follow

Portfolio highlights

  • Intellifusion — Shenzhen Yuntian Lifei Technology was established in August 2014 and is committed to structuring the physical world through AI technology to create a digital twin city. The company relies on a first-class international expert team and a "full stack" AI technology platform to create products and solutions for public safety, socialgovernance, new business, AIoT, and other fields, which have been widely used in Shenzhen, Beijing, Shanghai, Hangzhou, Qingdao, Chengdu, Dongguan, Southeast Asia, and more than 100 cities and regions
  • Senad Technology — Senad Technology is a software and hardware technology company with machine vision as the core technology.
  • GenHao Education — GenHao Education is a school operation system and mobile solution provider.
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China Equity
VC Fund · Beijing, Beijing, China · 2 investments in China Fitness startups

ChinaEquity is China's private merchant bank engaging in VC, PE, Direct investments as well as investment management. It provides one-stop cross-border VC PE and direct investments to high-tech enterprises throughout the Greater-China Region.The company uniquely positions itself to the booming Chinese technology, media, telecommunications,biotechnology and environmental technology, sports, medicine and the natural resource industries, and aims to equilibrate the demand and the supply in the capital market and provide total solutions to all parties on the capital flow chain.Clear development strategy and innovative business model has helped ChinaEquity to achieve outstanding performances. Its resources and networks extend all over the Silicon Valley, Wall Street, Europe and Greater China. International strategic alliance and partnerships allow the company to be able to cover all stages of investment and financing. Since inception, ChinaEquity has achieved a promising portfolio of investments and has established a high-quality customer base.ChinaEquity fully understands the political, economic and cultural environment in Greater-China, is well experienced in international capital market operations, and familiar with development trend. The company maintains long-term and favorable communications with Chinese governmental bodies, international financial institutions and high-tech enterprises.ChinaEquity was founded in 1999 by Mr. Chao Y. Wang, formerly the Vice President and Beijing Chief Representative of Morgan Stanley Dean Witter. The senior partners and executives joined ChinaEquity from international and domestic renowned financial institutions and high-tech enterprises.

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Investment focus

  • Industry: Software, Information Technology, Health Care
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, Canada

Investor stats

  • Total investments: 103
  • Round size: Series A $1.4M–$43M; Series B $3M–$162M; Series C $15M–$117M
  • Lead/follow: 18% lead, 82% follow

Portfolio highlights

  • iSMARTWAYS — iSMARTWAYS provides core equipment and solutions for V2X connected vehicles and intelligent transportation.
  • Cadena — Looking to expand to the Gulf countries (Saudi Arabia, UAE etc.)? Cadena has a Local Sales Team in every GCC country and proprietary technology: Discovery Portal, BuyBeacon & IntelliContact for Low-Cost growth across the region.
  • iSmartWays — iSmartWays Technology is a technology company, engages in connected vehicle (V2X) and transportation technology. iSmartWays Technology specializes in research, development and manufacturing of connected vehicle hardware and software solutions.
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The Arena Capital
VC Fund · Shanghai, Shanghai, China · 2 investments in China Fitness startups

The Arena Capital has been jointly established by Guiren Bird (603555), Tigers Sports and Jinglin Capital Management Co., Ltd., focusing on sports industry investment. The mobile domain believes that the sports industry is becoming the core driving force for China's economic growth. It is believed that the people's consumption power isimproving, and Internet technology and reform dividends constitute an opportunity for the outbreak of the sports industry. The dynamic team relies on deepening the accumulation of resources in the sports industry for more than 10 years, and is committed to working with entrepreneurs to promote the brilliant future of Chinese sports.

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Investment focus

  • Industry: Sports, Consumer Goods, Mobile
  • Stage:Series A, Seed, Angel
  • Geography: China

Investor stats

  • Total investments: 12
  • Round size: Seed $1.4M–$1.6M; Angel $485k–$1.6M; Series A $3.1M–$5M
  • Lead/follow: 25% lead, 75% follow

Portfolio highlights

  • Teasure — Teasure is a new modern casual teahouse that offers healthy drinks. It specializes in providing high-end milk tea with lychee, matcha, tangerine, strawberry, and jasmine flavors.Teasure has three stores located in Beijing APM, Youtang, and Xi'an, which are designed by designers from the original research institute, China, and the UnitedStates. It is a company that belongs to Beijing Boiled Leaf Restaurant Management Co., Ltd.
  • Happiewatch — The art of fashion, the fun on your wrist
  • Next World Culture — Next World Culture is a startup focusing on creating AI-generated virtual humans.
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Partech
VC Fund · Paris, Ile-de-France, France · 2 investments in China Fitness startups

Partech is a global venture capital firm with offices in San Francisco, Paris, Berlin and Dakar. Partech invests in Internet and information technology startups at seed, venture and growth stages.

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Investment focus

  • Industry: Software, Artificial Intelligence, E-Commerce
  • Stage:Seed, Series A, Series B
  • Geography: France, United States, Germany

Investor stats

  • Total investments: 694
  • Round size: Seed $1M–$8.8M; Series A $4.5M–$28M; Series B $9M–$56M
  • Lead/follow: 34% lead, 66% follow
  • Last fund: Likely actively investing — fresh fund, raised $345M in 2026

Portfolio highlights

  • Modeinspect — acreom is the integrated markdown knowledge base with tasks. Your personal daily driver for your dev workflow.
  • TeamToolz — TeamToolz creates and implements user-friendly applications that simplify and streamline the creation, management and archiving of marketing communications. Addressing the urgency of time to market, our web-based tools better enable entire brand launches by coordinating the workflow of multiple outside agencies and internal groups, for moreintegrated worldwide brand management.
  • Revibe — Buy refurbished & used electronics (Smartphones, Laptops) in UAE at Revibe. Free delivery & 12 months warranty. Certified tech by our experts. Order Now!
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Qixi Capital
VC Fund · 2 investments in China Fitness startups

Qixi Capital

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Investment focus

  • Industry: CRM, Fashion, Fitness
  • Stage:Series A, Seed, Angel
  • Geography: China

Investor stats

  • Total investments: 5
  • Round size: Series A $1.5M–$16M
  • Lead/follow: 20% lead, 80% follow

Portfolio highlights

  • Commsat — Commsat is a low-track small satellite constellation operator based in China.
  • KataWorld — KataWorld is a brand of wearable art trendy play, which focuses on DIY and freely assembled wearable art trendy play.
  • myShape — myShape is an innovative AI personal trainer system.
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Xiaomi
VC Fund · Beijing, Beijing, China · 2 investments in China Fitness startups

Play to win vouchers and get up to 50% discounts!

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Investment focus

  • Industry: Manufacturing, Electronics, Software
  • Stage:Series A, Series B, Angel
  • Geography: China, India, United States

Investor stats

  • Total investments: 285
  • Round size: Angel $435k–$2.5M; Series A $1.5M–$70M; Series B $3M–$63M
  • Lead/follow: 38% lead, 62% follow

Portfolio highlights

  • Z.ai — The AI Lab behind GLM models, dedicated to inspiring the development of AGI to benefit humanity. https://t.co/gOw7WpwkJt https://t.co/ot9sGVXU8x
  • Sudu Technology — sudo AI builds the foundation for general-purpose robots, enabling robotic skills to be learned, transferred, and deployed across the physical world.
  • Shifang Technology — Shifang Technology is a high-tech enterprise that provides integrated intelligent equipment for manufacturing industries.
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ZhenFund
VC Fund · Beijing, Beijing, China · 2 investments in China Fitness startups

ZhenFund is a seed fund founded by former entrepreneurs to invest in the most promising innovators. New Oriental co-founders Bob Xiaoping Xu and Victor Qiang Wang established ZhenFund in 2011 in collaboration with Sequoia Capital China. ZhenFund now has a network of over 800 portfolio companies, including over 30 unicorns based in China. Webelieve that great businesses start with exceptional founding teams. We are dedicated to helping our entrepreneurs build successful companies by providing them with mentorship and the best resources available. Some of our services include biannual demo days to top Chinese VCs, ZhenHR services, marketing and PR consulting, as well as fundraising. Our strong and large CEO network also facilitates entrepreneurs helping each other, especially via our WeChat platform. ZhenFund has been ranked as the “#1 Early-Stage Investment Firm” for six years. Bob Xiaoping Xu, Founder of ZhenFund, has been named on the Midas List since 2016 and ranked #11 in 2019. Anna Fang, Founding Partner and CEO of ZhenFund, has been named on the Midas List since 2019 and made her 4th appearance as #12, and #1 on Midas Seed List in 2022.

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Investment focus

  • Industry: Artificial Intelligence, Software, E-Commerce
  • Stage:Seed, Series A, Angel
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 751
  • Round size: Seed $146k–$14M; Angel $425k–$3M; Series A $873k–$22M
  • Lead/follow: 24% lead, 76% follow
  • Last fund: Likely still investing — raised $140M in 2022

Portfolio highlights

  • Snowplus — SNOWPLUS is an e-cigarette brand that provides users with e-cigarette products through a combination of online and offline sales models. The products are available in 12 different types of flavors. The products use TrueFeel honeycomb ceramic atomization technology and Aeroflow intake. Technology; In addition to reference to the existing food-gradestandards in China, Xuejia has also passed a number of third-party certifications in terms of safety. The core components such as atomizing core and cigarette holder comply with the highest medical safety standards of the FDA and the European Union.
  • Futuring Robot — Futuring Robot is a developer of dual-arm home service robots focusing on C-end home scenarios.
  • Qisuan Kuang-Chi — Qisuan Kuang-Chi is a pioneering artificial intelligence hardware company focusing on the research, development, and engineering of AI optical computing chips and related system infrastructure. The company utilizes a proprietary all-optical interference technology architecture to bypass physical constraints found in legacy electronic chipsets,aiming to establish computational infrastructure for Artificial General Intelligence (AGI).
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Initial Capital
VC Fund · London, England, United Kingdom · 1 investments in China Fitness startups

Initial Capital is an investor in seed and early-stage technology companies with a focus on games, consumer services & technology enablers.

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Investment focus

  • Industry: Gaming, Mobile, Software
  • Stage:Seed, Series A
  • Geography: United Kingdom, United States, Finland

Investor stats

  • Total investments: 90
  • Lead/follow: no public data

Portfolio highlights

  • Bipa — Bipa is a company that allows customers to buy and sell Bitcoin starting from R$1 using Pix and Lightning Network.
  • Antidote — London-based startup studio for Bitcoin founders
  • Hot Wave Fitness — Hot Wave Fitness which owns the HOTME brand provides personalized, and private fitness services.
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Redpoint Ventures China
VC Fund · Beijing, Beijing, China · 1 investments in China Fitness startups

Redpoint Ventures China focuses on early investments in the TMT sector, focusing on consumer Internet and technology-driven enterprise IT services opportunities.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Nigeria

Investor stats

  • Total investments: 101
  • Lead/follow: no public data

Portfolio highlights

  • WSPN — WSPN is a global digital payments company that provides transparent, fast, and efficient digital payment solutions leveraging the latest technological advancements of Distributed Ledger Technology (“DLT”). We are dedicated to shaping seamless digital payment solutions for our global partners worldwide at the frontier of future digital payments andfinancial inclusion.
  • ARAI — ARAI is a framework designed for the integration of artificial intelligence within the gaming industry.
  • SnakeLite — Snake Lite is a classic arcade snake game with a competitive edge and offers offline and online play. It is designed for smooth controls and fast performance.
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Yianjie Qiche Xiaoshou
VC Fund · Tangshan, Hebei, China · 1 investments in China Fitness startups

Yianjie Qiche Xiaoshou operates as a automobile sales and service company.

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Investment focus

  • Industry: Fitness, E-Commerce, Health Care
  • Stage:Series A
  • Geography: China

Investor stats

  • Total investments: 1
  • Lead/follow: no public data

Portfolio highlights

  • Daily Bacteria — Daily Bacteria provides probiotic dietary supplement products for consumers online. They develop and retail probiotic yogurt and beverages, providing tasty and healthy products to women.
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BA Capital
VC Fund · Jingan, Shanghai, China · 1 investments in China Fitness startups

BA Capital is a venture capital firm focused on the consumer sector.

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Investment focus

  • Industry: Food and Beverage, Retail, E-Commerce
  • Stage:Series B, Series A, Seed
  • Geography: China, Spain

Investor stats

  • Total investments: 28
  • Round size: Series A $8.7M–$65M; Series B $14M–$113M
  • Lead/follow: 43% lead, 57% follow
  • Last fund: Likely still investing — fund raised in 2022

Portfolio highlights

  • KDHY Foods — KDHY Foods is a company that specializes in manufacturing processed fruit and potato products. KDHY Foods involves producing canned, frozen, or dried fruits, as well as processed potato goods such as frozen fries, chips, and mashed potato products.
  • Laopu Gold — Laopu Gold is an ancient handmade goldware brand that produces jewelry using ancient handmade gold.
  • Shenzhen Amos Sweets & Foods Co. — Shenzhen Amos Sweets & Foods Co. is a food processing company that makes and sells candies.
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Ruchuan Capital
VC Fund · Xiamen, Fujian, China · 1 investments in China Fitness startups

Ruchuan Capital is an invetsment Firm.

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Investment focus

  • Industry: Apps, Education, Snack Food
  • Stage:Angel, Seed, Series A
  • Geography: China

Investor stats

  • Total investments: 10
  • Round size: Seed $1.5M–$30M; Angel $435k–$1.9M
  • Lead/follow: 10% lead, 90% follow

Portfolio highlights

  • 24Kick — 24Kick is a fighting martial arts training service provider. The company has a number of gymnasiums under the online gymnasium, providing users with various types of fighting martial arts training courses such as boxing, jujitsu classes and physical education classes. Adults and children can participate. At the same time, the gym has 24 hours ofopening, fresh air system, and independent health services.
  • LELECHA — LELECHA combines tea and soft European bags to create different brand development models.
  • Banmaxingkong — Banmaxingkong is an Education platform.
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Meridian Capital Asia
VC Fund · Shanghai, Shanghai, China · 1 investments in China Fitness startups

Meridian Capital Asia was founded in Singapore in 2008 and has launched nine funds with a total of over 1.5 billion US dollars raised since. It has invested in more than 280 startups, with many notable exits, and has focused on areas such as deep tech, artificial intelligence, robotics, cloud, SaaS, enterprise, advanced manufacturing, renewableenergy, new material, semiconductors, agri-tech, education, internet, and new media, etc. All its partners are from either Singapore, Australia, the US or UK, with extensive experience and knowhow in all technology sectors. Meridian has offices in Singapore, Silicon Valley, Shanghai and Beijing and its investments cover geographies such as SEA, China, US, Mid-east, Japan, and Europe.

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Investment focus

  • Industry: Software, Information Technology, Internet
  • Stage:Series A, Series B, Angel
  • Geography: China, India, Latvia

Investor stats

  • Total investments: 166
  • Round size: Angel $425k–$14M; Series A $425k–$16M; Series B $2.8M–$62M
  • Lead/follow: 44% lead, 56% follow
  • Last fund: Likely still investing — fund raised in 2023

Portfolio highlights

  • Hanhai Energy — Hanhai Energy is dedicated to explore the science and technology to accelerate the commercialization of fusion energy.
  • Lianyue Network — Internet Service Provider
  • Xiaoneng Technology — Xiaoneng Technology is a company that provides online customer service solutions for e-commerce websites. Committed to providing real-time shopping guide and online customer management system LiveCRM for all online transactions and online display products and services, affiliated to Beijing Nengtong Tianxia Network Technology Co., Ltd.
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ZB Capital
VC Fund · Hong Kong, Hong Kong Island, Hong Kong · 1 investments in China Fitness startups

Over the years, ZB capital has been working with numerous regional entrepreneurs, family offices, industrial investors, business operators, as well as professional parties to co-invest in growth-stage companies and businesses. Our portfolio companies are from all around the globe including China, Taiwan, Southeast Asia, North America, and Israel.They cover a broad range of industries including fintech, cloud computing, IoT, advanced manufacturing, and consumer goods. Our primary objective is to focus on both the new demand created by the applications of the latest technologies, and the potential improvement in efficiency in traditional industries through technological upgrades.Our founding and execution teams, along with our advisory committee, come from a diversified background and have rich experiences in handling cross-broader transactions. We maintain the greatest level of flexibility in dealing with the local business culture and regulations, and we are always very thoughtful on connecting the resources from different regions in order to create the best synergies as well as business opportunities.We usually look at the fundamentals of the business and its market potential when evaluating any investment opportunities. At the same time, we apply a stringent internal process during the due diligence stage to validate the business itself. For post-investment management, we spend a lot of resources to follow up with the development plan of each business so that we are aware of the latest status of each portfolio company in order to protect our capital.

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Investment focus

  • Industry: Information Technology, Hardware, Software
  • Stage:Seed, Series A, Corporate Round
  • Geography: China, Malaysia, Israel

Investor stats

  • Total investments: 19
  • Round size: Seed $300k–$8.6M; Series A $1M–$22M
  • Lead/follow: 21% lead, 79% follow

Portfolio highlights

  • Botsync — Botsync builds autonomous mobile robots to automate and digitize movement of goods from point to point for the logistics and manufacturing industry. Our robots can carry payloads from 500 kg to 1 tonne and are designed to operate in dynamic environments. Botsync's AMRs can be implemented at new facilities in minimal time with very minimalchanges to the existing infrastructure. With our technology, we hope to pioneer and push for larger scale adoptions of robotic automation in Asia's logistics and manufacturing industry.
  • Vechnology Sdn Bhd — Discover Vechnology's smart vending machine solutions in Malaysia, designed for modern businesses seeking efficient, user-friendly, and versatile vending options.
  • eKomoditi Solutions Indonesia — We are leading plantation management system provider especially software application for oil palm, rubber sugar, and durian plantations in Southeast Asia region
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Vision Plus Capital
VC Fund · Hangzhou, Zhejiang, China · 1 investments in China Fitness startups, 23 in the past 12 months

Vision Plus Capital (also known as Yuan Jing Capital) focuses on the Internet innovation, consumer upgrades, digital medical, intelligent technology four areas, the RMB and the dollar double currency investment. Yuan Jing Capital for the start-up enterprises to provide multi-faceted help, including the introduction of talent, strategy carding,operational upgrading, financing strategies.Founded in 2015, it was composed of team members for first-line Internet company's core positions of experts and domestic first-tier VC senior investors, for the start-up companies to provide practical experience and team support.

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Investment focus

  • Industry: E-Commerce, Artificial Intelligence, Health Care
  • Stage:Series A, Series B, Seed
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 219
  • Round size: Seed $3M–$24M; Series A $2.9M–$31M; Series B $3.3M–$58M
  • Lead/follow: 33% lead, 67% follow
  • Last fund: May invest from a new fund soon — raised $36M in 2020

Portfolio highlights

  • NestWorks — NestWorks is a consumer-grade desktop CNC company. It is incubated by Elephant Robotics.
  • Breeze Blue — Breeze Blue develops AI voice and speech generation software for creators, developers, and organizations. Its Breeze TTS models generate speech from text and support voice design, voice direction, multilingual output, and real-time streaming. BreezeBlue Creator provides a browser-based workspace for creating, directing, and exporting speech. Theplatform also offers voice cloning, prompt-based voice design, a voice library, and developer APIs and SDKs for integrating text-to-speech into applications. Its stated use cases include audiobooks, video voiceovers, podcasts, conversational agents, games, and character audio.
  • Futong Huizhi — Shanghai Futong Huizhi is a medical technology business that focuses on the development of transcranial magnetic stimulation (TMS) devices.
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Faxian Venture Capital
VC Fund · Beijing, Beijing, China · 1 investments in China Fitness startups

Faxian Venture Capital is an angel fund focused on early investment. We believe that people with true morality and talent can change the world. Our investment decisions are based solely on the judgment of people. We focus on the first round of investment in the project, regardless of direction.

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Investment focus

  • Industry: Manufacturing, Pet, Tea
  • Stage:Seed, Series A, Series B
  • Geography: China

Investor stats

  • Total investments: 10
  • Round size: Series A $1.1M–$3.1M; Series B $2.9M–$14M
  • Lead/follow: 10% lead, 90% follow

Portfolio highlights

  • 24Kick — 24Kick is a fighting martial arts training service provider. The company has a number of gymnasiums under the online gymnasium, providing users with various types of fighting martial arts training courses such as boxing, jujitsu classes and physical education classes. Adults and children can participate. At the same time, the gym has 24 hours ofopening, fresh air system, and independent health services.
  • Beeplus Co-working Space — Bee+ is the first innovative youth format in China with container construction as a form of joint office space, cultural activity platform, experiential service package and youth community. Based on enterprise (industry) parks and university campuses, we will unite and connect young people, build a youth community, and create a new way of life foryoung people aged 20-30.
  • Chaoneng Xiaohei — Chaoneng Xiaohei is a pet fresh grain e-commerce provider that provides pets with fresh meat and vegetables, zero additives, and dog food with a shelf life of 10 days.
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Cathexis Ventures
VC Fund · Houston, Texas, United States · 1 investments in China Fitness startups

Cathexis Ventures is the venture arm of Cathexis Holdings, a single-family office based in Houston Texas. Minimum check size $100k, max $10M for seed stage companies. Typically $250k checks.

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Investment focus

  • Industry: Software, E-Commerce, SaaS
  • Stage:Seed, Series A, Pre-Seed
  • Geography: United States, India, Canada

Investor stats

  • Total investments: 68
  • Round size: Seed $1.3M–$11M; Pre-Seed $125k–$1.6M; Series A $3.7M–$15M
  • Lead/follow: 4% lead, 96% follow

Portfolio highlights

  • BBy — BBy connects nursing mothers with couples who can't produce or do not produce enough breast milk to feed their child
  • Legistify — Legistify offers AI-powered legal operations software to streamline workflows, manage contracts, track legal cases and improve productivity for enterprise legal teams
  • Terrace — Global Liquidity. One Platform.
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Huagai Capital
VC Fund · Beijing, Beijing, China · 1 investments in China Fitness startups, 10 in the past 12 months

Huagai Capital is a private equity investment firm that invests in start-up or growth companies in the areas of healthcare, TMT, and culture.

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Investment focus

  • Industry: Health Care, Medical, Biotechnology
  • Stage:Series A, Series B, Angel
  • Geography: China, United States, Hong Kong

Investor stats

  • Total investments: 153
  • Round size: Angel $425k–$15M; Series A $1.5M–$73M; Series B $8.5M–$90M
  • Lead/follow: 41% lead, 59% follow
  • Last fund: May invest from a new fund soon — raised $430M in 2018

Portfolio highlights

  • SeaArt — SeaArt AI is an all-in-one AI creativity community for art, videos, audio, and AI chats, where creators collaborate, spark inspiration, and grow together.
  • Zhiran Medical — Zhiran Medical is a medical technology company specializing in the precise detection and treatment of neurological disorders using high-throughput, flexible brain-computer interface technology.
  • GigaAI — Excellent Vision is a spatial intelligence company focused to transforming video creation into a 4D world model, enabling AI big models to grasp, generate, and reason about 4D space.
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GSR United Capital
VC Fund · Beijing, Beijing, China · 1 investments in China Fitness startups

"Founded in 2009, GSR United Capital focuses on equity investment in high-tech industries, focusing on investment and M&A opportunities in advanced manufacturing, next-generation information technology, industrial Internet/digital enterprise services and other fields. GSR United Capital manages both RMB master funds and industrialfunds established with local governments. Since its establishment, GSR United Capital has received strong support from China's top market-oriented mother fund, government-guided fund, wealth management institutions, global 500 enterprises, listed companies and other institutions. Among them, investors with state capital background include Guochuang Yuanhe, Guochuang Kaiyuan, SDIC Unity Capital, China Merchants Venture, Suzhou Fund, Nanchang Industrial Control, Weifang Financial Holding Group, Dongguan Dongcheng, Zhangjiagang Jincheng Investment & Development Co., ltd, etc. Suzhou GSL Venture Capital Management Company, founded in 2011, is a private equity fund manager of the comprehensive fund of GSR United Capital (referred to as "" GSR United Capital ""), and completed the registration of private equity fund manager on May 20, 2014, with the serial number P1002246.""A+ stage is the main stage, the middle and late stage is the auxiliary"" The company focuses on equity investment in high-tech industry, focusing on the strategy of ""A+"" stage, with a capital allocation ratio of 60%. The project in this stage is between ""engineering"" and ""scale commercialization"", which is the ideal range of ""bargaining power"" and can win a high proportion of relative returns. At the same time, 40% of the project will be allocated in the middle and late stages. The middle and late stages refer to enterprises with IPO expectations within 2-3 years, and the investment will be completed within 60 months in the early stage of the fund investment period (exit will start in the third and fourth years), which will be used as the basic plate for anchoring returns.GSR United Capital has invested in more than 100 high-tech start-ups, including Great Wisdom Software (financial information terminal, 601519), eCARBON (high thermal conductivity graphite heat dissipation material, 603133), TZTEK (Precision, 688003), METRON (Diamond wire material, 603133) 300861), GTEP (sludge treatment and recycling, has started the board meeting), Niu (electric two-wheeler, NASDAQ: NIU), LATTICELIGHTING (LED silicon substrate technology and application), Freetech (unmanned driving), Marknum Technology (big data), xMate (light collaborative robot), TAGEIDRIVER (autonomous driving), HUIRUI (high-precision metal 3D printing), DYSO (CNC machine tool parts), NEWLINK GROUP (energy Internet), and many cross-border enterprises Industries such as LianLian (online payment), Xingyun Group (cross-border supply chain), Tec-Do (outbound brand digital marketing, Guangzhou), LAVA (smart guitar, Guangzhou), Shoplazza (outbound SaaS independent site construction tools, Guangzhou), E-ports (Internet for shipping industry), Chenhaiyun (sea-going compliance), Whalehouse.tech (intelligent warehousing), Huoyan (ABM intelligent marketing), Giiso (intelligent writing) and other excellent projects, which have won excess investment returns and social reputation. At present, the withdrawn projects include Great Wisdom Software (Financial information terminal, 601519), which has been fully withdrawn through listing, with return multiple reaching 8.96x, invested by GSR United Capital Phase I; TZTEK (Precision Measurement, 688003.STAR), fully exited through listing with return multiple reaching 2.74x, invested by GSR United Phase II and Botong Jinshi; eCARBON (high thermal conductivity graphite heat dissipation material, 603133), through the listing of all exit, return multiple reached 5x, invested by GSR United Capital Phase I Institute; METRON (Diamond Wire Materials, 300861), which was partially exited through listing with a return multiple of 4.5X and was invested by GSR United Phase III and Botong Jinshi Institute; Lebo Technology (cross-platform screen investment tool), partially exited through equity transfer, with a return multiple of 4.35x, invested by Botong Jinshi. Giiso (Intelligent Collaboration), which was partially withdrawn through equity transfer with a return multiple of 4.35x, was invested by Botong Jinshi.Zerowaste Asia Pte Ltd (ZA) was invested by Hongcheng RMB Fund, a subsidiary of GSR United Capital, in January 2017. It is committed to developing, producing and selling leading additives for heavy metal treatment. Its products have the characteristics of simple process, high efficiency, safety and environmental protection, and low cost. The company's valuation has grown from $58 million at the time of the investment to $142 million.Since February 2020, GSR United Capital has made more than 30 investments in the main fund. For example, it invested in Yuejing Technology (audio and video collaborative production tool) in February 2021, and the current multiple has reached 3.14 times. In September 2020, it invested in ZHICHUBAO.COM (procurement management SaaS platform), and the current multiple has reached 2.82 times. In April 2020, it invested in Starsee Intelligence (AI enabled military defense), and the current multiple has reached 2.81 times. Nahuo Technology Co., Ltd. received a subsequent round of investment from IDG, ZHICHUBAO.COM received a subsequent round of investment from Shunwei Capital, and Boqing Technology received a subsequent round of investment from KeyTone Ventures and Leaguer Capital."

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Investment focus

  • Industry: Manufacturing, Robotics, Automotive
  • Stage:Series A, Seed, Series B
  • Geography: China, United States, Singapore

Investor stats

  • Total investments: 222
  • Round size: Seed $450k–$14M; Series A $1.1M–$16M; Series B $789k–$50M
  • Lead/follow: 43% lead, 57% follow
  • Last fund: Likely actively investing — fresh fund, raised $69M in 2025

Portfolio highlights

  • Tec-do — 1.Tec-Do 2.0 is a leading AI martech company delivering result-centric marketing solutions for global business growth.
  • PhotoG — PhotoG is an international GenAI content marketing tool supplier. It operates in the fields of overseas content marketing and generative AI, with a focus on visual content development and e-commerce brand marketing.
  • Dewu Additive — Dewu Additive is a high-tech company at the forefront of 3D printing innovation, specializing in developing cutting-edge additive manufacturing solutions. The company focuses on creating advanced 3D printing technologies and materials for a wide range of industries, including aerospace, automotive, healthcare, and manufacturing.
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Particle Accelerator Limited (ParticleX)
VC Fund · Hong Kong, Hong Kong Island, Hong Kong · 1 investments in China Fitness startups

Particle Accelerator Limited (ParticleX) was founded in late 2017 by Shine Works. ParticleX is a tech-based startup investor and accelerator based in Hong Kong. ParticleX combines network, capital and research resources, accelerating the pace of innovative technology and helping the early-stage startups to win cross-border opportunities acrossAsia.

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Investment focus

  • Industry: Artificial Intelligence, Software, Information Technology
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Hong Kong, United States, Taiwan

Investor stats

  • Total investments: 30
  • Round size: Seed $1.2M–$5.5M; Pre-Seed $430k–$1.6M; Series A $1M–$11M
  • Lead/follow: 7% lead, 93% follow

Portfolio highlights

  • KorrAI — KorrAI helps you analyze rapidly evolving geospatial data and accelerate mineral exploration timelines.
  • MediConCen — MediConCen is a medical network that mobilize medical experts all over the world to serve the insured population without middleman. They revolutionize the current medical network with Blockchain technology. MediConCen liberalizes the existing heavily walled medical network with the use of Blockchain technology, allowing individual clinics to rejointhe insurance market with a one-stop solution. The next generation medical ecosystem starts right here.MediConCen aims to integrate all clinics, insured employees and business entities into a unified Blockchain ecosystem, making business truly efficient, transparent and trustworthy.
  • Ephod Technology — Ephod Intelligence is fund managers' research copilot, offering investment hypothesis validation, and personalized trading signals to empower fundamental research.
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CPE
VC Fund · Beijing, Beijing, China · 1 investments in China Fitness startups

CPE is a leading alternative asset manager, with asset classes spanning private equity, mezzanine and the public market. Founded in 2008 by a world class team of investment professionals and supported by over 200 domestic and international investors, CPE knows China like no one else and is a globally minded long-term value investor. The firm usesits sector expertise to generate deal flow and drive the value creation work during the post-investment stage. CPE follows a disciplined investment approach to preserve and grow its investors’ capital. The firm’s private equity portfolio of more than 100 companies is highly diversified by sector and stage of investment. CPE takes pride in its forward-looking investment philosophy and works hard to create value over the long-term for its investors and a better world. For more information, please visit www.citicpe.com.

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Investment focus

  • Industry: Manufacturing, Health Care, Biotechnology
  • Stage:Series A, Series B, Series C
  • Geography: China, United States, Israel

Investor stats

  • Total investments: 108
  • Round size: Series A $2.8M–$1B; Series B $12M–$286M; Series C $42M–$400M
  • Lead/follow: 37% lead, 63% follow
  • Last fund: Likely actively investing — fund raised in 2025

Portfolio highlights

  • ModelBest — Mianbi Smart enables large-scale model acceleration and application execution using artificial intelligence.
  • Sangon Biotech — Sangon Biotech Co. (生工生物) is engaged in the research and development of chemical synthesis of DNA.It is a high-tech Sino-foreign joint venture established in 2003. After ten years of development, Sangon has become a professional biotechnology company that integrates research and development. Chemical synthesis DNA earned reputation for Sangonin the global market.In 2006, Sangon invested 50 million to build a manufacturing and industrial base in Songjiang Industrial Park, which has been put into use. Sangon produces various products such as DNA synthesis, DNA sequencing, Gene Synthesis, peptide synthesis, chemical agents, enzymes, molecular biology kit, cultivation medium, lab consumptive material, and miniature instruments.
  • Orange Connex Global UK Limited — Orange Connex Global UK Limited is a technology-led fourth-party logistics provider (4PL) to enable global supply chains.
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Tongren Boda
VC Fund · Nanjing, Jiangsu, China · 1 investments in China Fitness startups

Tongren Boda is an investment institution focusing on TMT and medical health.

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Investment focus

  • Industry: Health Care, Biotechnology, Pharmaceutical
  • Stage:Angel, Series A
  • Geography: China

Investor stats

  • Total investments: 3
  • Lead/follow: no public data

Portfolio highlights

  • SunPig — SunPig operates O2O fitness platform in China. It strikes industry pain points, with monthly card pricing, intelligent software and hardware system, socialized sports and fitness interaction, affinity service experience, and professional product settings to provide better gym management. SunPig is headquartered in Beijing, China.
  • CGeneTech — A Chinese bio-pharmaceutical company.
  • Regenex Corporation — Regenex Corporation is a pharmaceutical company that is involved in research and development, production, and sales of reproductive health medicines, chronic disease medicines, and external medicines. They implement GPS track management for marketing personnel and implement terminal standard methods for marketing.
Show all investments...

China Capital Management
VC Fund · Beijing, Beijing, China · 1 investments in China Fitness startups

China Capital Management is a direct investment business institutions for securities companies.

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Investment focus

  • Industry: Manufacturing, Semiconductor, Automotive
  • Stage:Series A, Series B, Series C
  • Geography: China

Investor stats

  • Total investments: 55
  • Lead/follow: no public data

Portfolio highlights

  • Jiangsu Jiahe — Jiangsu Jiahe is an automobile thermal management system provider. Its primary products include five types of vehicle aluminum radiators, intercoolers, oil coolers, electronic fans, and air conditioning systems.
  • Nosee Technology — Nosee Technology specializes in Micro-LED display chip technology and micro-display solutions.
  • PRCXI Biotechnology — PRCXI Biotechnology is a biotech company that provides bioinformatics and automation solutions for life science and the manufacturing of analytical instruments.
Show all investments...

Fitness VC funding in China at a glance

Stats across 188 deals from 259 investors.

259
investors
in China Fitness startups
188
deals
in China Fitness startups
$4.1M
median round
in China Fitness startups
43%
lead investors
lead at least one round
30%
Series A
most common funding stage

Access all 259 VC funds in China Fitness startups.

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