Taiwan Startup iFit Raises $3M Series A To Expand Into China And Southeast Asia

iFit, an online fitness and weight loss community based in Taiwan, has raised a $3 million Series A led by Cherubic Ventures, with investors including Yuan-jin Capital, Sino Strategy Group, Alan Chien, and Ming-zhe Ou, the former general manager of Lenovo Taiwan.

The company says it will use its Series A to expand its online-to-offline business model, introduce new products like diet meals, and hire more employees.

Its Series A comes nine months after iFit announced that it raised a $900,000 seed round in March. In addition to Taiwan, iFit’s target markets also include Southeast Asia and China.

Since launching as a Facebook fan page in 2012, iFit has grown rapidly. In 2013, it claimed $2 million in revenue, which grew this year to $6.6 million. The company monetizes with a range of products that include diet food, exercise equipment, and supplements. It also co-produces a TV show in Taiwan.

iFit currently has about 670,000 members on its Facebook page, as well as 3.2 million users on its public Line account. TechCrunch has asked the company for its website’s user metrics.

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