K2VC led an angel round of funding for Cocofit, a Chinese fitness apparel brand. The money will go toward R&D and supply chain improvements.
COCOFIT was founded in 2021 to provide customers with both aesthetic and technical apparel. Wei Yuan, the founder of COCOFIT, is a fan of extreme sports and an entrepreneur in the tech field. Recognizing the importance of technology in functional apparel, Wei Yuan decided to design apparel that would be suitable for both casual and gym use. Because we live in a fast-paced world and the COVID-19 epidemic has resurfaced, people have begun to use spare time in the office or at home to do some micro-exercises, bridging the gap between business clothing and activewear and creating opportunities for activewear retailers like COCOFIT.
COCOFIT is unique among its peers because it has three core competencies. To begin with, they have invested heavily in R&D and built their lab to provide customers with apparel that are tailored to their needs. Second, they have developed a thorough understanding of their upstream supplier to ensure that they can obtain the ideal fabric at a reasonable price. Finally, they worked closely with social media platforms and KOL/KOCs to launch campaigns that were a huge success.
COCOFIT made its debut on Tmall in February, reaching TOP 3000 in the women's clothing category. As part of the epidemic resurgence, they've shifted their focus to recommending content, which converted in 14% of sales. They've abandoned Douyin and Kuaishou in favor of community group buying and bulk orders, and they've expanded to other sales channels. Approximately 2000 pairs of "Yu" leggings have been sold solely through the community group buying channel.
Following the worst possible start-up period, many companies will survive and grow stronger, and COCOFIT will be one of them, according to Wei Yuan.