Keep Secures Tencent-Led C+ Round Strategic Investment, Surpasses 50 Million Users and Files IPO Prospectus

Fitness app Keep recently announced that it has secured a strategic C+ round investment from Tencent, just one month after disclosing its previous Series C funding. The specific amount raised was not disclosed. Since its launch in February 2015, Keep has amassed over 50 million users, with nearly 20 million monthly active users.

Wang Ning, founder and CEO of Keep, stated that the company secured its C+ round of financing less than a month after closing its Series C round. The core objective is to leverage the additional capital to deepen investments in content and brand building, while continuing to refine the product to enhance user experience. Beyond financial investment, Keep places greater emphasis on the resources and product support that Tencent is set to provide.

“Since its launch in February of last year, Keep has acquired 50 million users over the past year and a half. This rapid growth in user base not only reflects people’s heightened fitness awareness and surging enthusiasm for exercise, but also underscores the need for Keep to provide richer content and services to meet user demands.”

At its initial launch, Keep offered only seven training plans and 16 single-session workouts. Today, it features 20 training plans and 76 single-session workouts. Building on its original course offerings, Keep has introduced new categories such as stretching, rehabilitation exercises, yoga, and massage, while also adding signature courses featuring athletes like boxer Zou Shiming, as well as battle rope jumping and programs led by divers Qiu Bo and swimmer Liu Xiang. Furthermore, beyond video-based fitness classes, Keep version 3.0 introduced running functionality and an e-commerce section, enabling users to track outdoor runs and purchase necessary sports equipment directly within the app. Through this evolution, Keep has transformed from a simple fitness tool into a comprehensive sports platform, aiming to meet users’ diverse exercise needs and provide a one-stop solution for their fitness journeys.

Xia Yao, Executive Director of Tencent’s Investment and M&A Department, stated: “Sports and fitness represent an industry with enormous market potential amid consumption upgrading. By entering the market through fitness content services targeting the vast young fitness demographic, Keep has already established a leading user base and strong reputation. Looking ahead, as it expands from fitness into various healthy lifestyle domains, there is significant room for growth in both its service offerings and brand value. Wang Ning and his team demonstrate strong command over product development and operations; we are confident that such a team will continue to deliver sustained value to Keep’s high-value user base.”

One year after its launch, Keep officially unveiled its brand slogan, “Self-discipline Gives Me Freedom,” along with its first brand TV commercial in June this year, extensively communicating its brand proposition to users. To date, the commercial has accumulated nearly 50 million views on platforms such as Tencent Video and Youku. Meanwhile, Keep has engaged in fresh and engaging brand collaborations with companies like adidas, Puma, Uniqlo, and Biotherm, further reinforcing its “young and fashionable” brand image among consumers.

“Empowering those unfamiliar with proper workout methods to receive effective guidance, helping those who find exercise tedious discover enjoyment, breaking down temporal and spatial barriers, and lowering the threshold for physical activity—this is what Keep is all about.” Wang Ning believes that “Keep is not merely a fitness tool; we aim to build it into a sports brand and cultivate a lifestyle embraced by young people.”

Keep Financing Background:

In November 2014, secured RMB 3 million in angel investment;

In March 2015, the company secured a $5 million Series A financing round from Ventech (Yintai Capital) and BAI (Bertelsmann Asia Investments).

In July 2015, the company secured a $10 million Series B financing round led by GGV Capital (Jiyuan Capital), with participation from BAI (Bertelsmann Asia Investments) and Ventech (Yintai Capital).

In May 2016, Keep completed a $32 million Series C financing round, led by GGV Capital and Morningside Venture Capital.