Codoon Secures $20 Million Series C+ Funding to Build Consumer-Grade Smart Sports Brand

VCBeat (WeChat ID: vcbeat)It is reported that Codoon, an internet-based sports and social networking brand, announced today (February 9) that it has secured a $20 million Series C+ financing round, led by Fudinghe Capital and Jianronghe Capital, with participation from SoftBank China. This marks the first financing deal for an internet sports brand in 2018. Codoon will continue to maintain its leading position by leveraging its “Sports + Technology” strategy.

Overview of Codoon's Historical Financing

Shen Bo, founder and CEO of Codoon, stated that the shift to a new strategy of “Smart Fitness” empowered by AI technology is the primary reason why investors have continuously increased their confidence in Codoon. With the acceleration of consumption upgrades and the implementation of the national “Fitness for All” strategy, the ease of use and importance of smart technology in sports and daily life have become increasingly prominent year by year, signaling broader market prospects for Codoon.

Unlike its previous positioning, Codoon is no longer a single app. As its strategy of “integrating hardware with software” and “bridging online and offline services” takes shape, the power of the “Codoon ecosystem” in sports is unleashing.

As of 2017, the Codoon app had surpassed 100 million total users. It hosted 322 online competitions throughout the year, attracting more than 38 million participations, thereby securing a leading position in China’s online competition market. Across 340 cities nationwide, it fostered over 175,000 sports groups—grassroots organizations spontaneously established by fitness enthusiasts with guidance and support from Codoon. These groups held more than 60,000 events during the year, with cumulative participation exceeding 1.4 million people, making Codoon one of the largest sports community platforms in China.

In addition, the vertical business matrix comprising Runtopia (the international version of Codoon), Codoon for Enterprise, and Codoon Health is also accelerating its expansion into overseas markets, the B2B market, and the sub-health market.

In early 2017, leveraging big data on user movement and AI-powered intelligent exercise engine technology, Codoon launched its “Intelligent Exercise” strategy and entered the smart wearables market. It successively released intelligent footwear and apparel, including Smart Running Shoes 1.0, Smart Walking Shoes, Smart Running Shoes 2.0, and a Smart Sports BRA. Within just six months, sales far exceeded the projected target of 200,000 units.

Notably, the Codoon Smart Running Shoes 2.0 were also honored with the title of “Top Ten Domestic Running Shoes” at the China Marathon Expo, making Codoon the only internet brand to receive this distinction. This demonstrates that Codoon’s R&D capabilities are on par with those of established traditional footwear manufacturers.

Shen Bo stated that this round of financing will help Codoon further deepen its smart sports strategy, increase investment in new technologies such as AI, expand into offline new retail, build a consumer-grade brand, and launch more wearable sports devices that meet users' needs for "scientific, healthy, and efficient" exercise, ultimately growing into a global leader in smart sports.