Taiwan’s iFit raises $3M series A round led by Cherubic Ventures

iFit, a Taiwanese startup centered around all-things health and fitness, announced today it has closed a US$3 million series A round. Previous investor Cherubic Ventures led the round, while other contributors included Yuan-Jin Capital, Sino Strategy Group, angel investor Alan Chien, and former manager of Lenovo Taiwan Ou Ming-Zhe.

Cherubic says that the iFit will use the round to grow its staff, which has increased from 20 to 60 employees since we last covered the company in April.

iFit is perhaps best understood as a media outlet and lifestyle brand, rather than a tech company. Originating as a Facebook page in 2012, founder Alice Chen used social media and cutesy cartoons to build up a following of Taiwanese women interested in fitness. Two years later, Chen has turned herself and iFit into a media entity that spans books, television shows, sponsored events, and ecommerce.

It’s that latter category that makes up the bulk of the iFit’s revenues. According to Cherubic, the company is set to bring in over US$6.6 million in revenue for 2014, up from US$2 million in 2013. On a standalone group buying site, iFit sells a range of health foods and fitness products. Some of these products are sourced from third-party vendors and then re-sold under the iFit brand, like the Fitty line of workout equipment. In 2015, the company intends to introduce its own line of readymade meals and open physical storefronts.

See: Livehouse.in, Taiwan’s answer to Twitch, net’s $350k from Cherubic