Digital service platform for personal training market Letu Technology received a CNY 18 million (USD 2.666 million) angel round from several investors. The funds will mainly be used for business expansion and the R&D of products.
Guangzhou Letu Fitness Technology (Chinese: 乐途科技), a digital service platform for the personal training market, announced a CNY 18 million (USD 2.666 million) angel round on May 17, with participation by venture capital of E Tingshuo, a subsidiary of iFlytek, Zhejiang University Alumni Fund, and an industry fund that is not willing to disclose its information, news portal 36kr.com reported.
The fund from this round will mainly be used on offline store expansion, R&D of artificially intelligent personal trainer assistants, and the construction of data operation middle-office capabilities.
At present, the average payback period for a self-operated store of Letu is 8 to 10 months, and the monthly repurchase rate of store members’ personal training is over 60%, which is 4 times ahead of the industry.
Xiao He, the founder of Letu Technology, said that Letu stores are expected to expand to more than 1,000 in 2025, which could only cover 8.7 % of the fitness crowd in Guangzhou, so, in terms of fitness stores, it is far from meeting the fitness needs of users.
The combination of technology and fitness is reflected in intelligent management, intelligent scheduling, and other sides that are most needed by consumers, which is the greater digital stickiness between “Letu” and consumers, Xiao added.
Since its establishment in 2021, Letu has set up dozens of stores in Guangzhou, southern China. According to the expansion rate of planned 100 stores by the end of this year, Letu will be the fastest-growing personal training gym in South China, 36kr.com claimed.