IDG-Backed Home Gym Equipment Maker Mitao Bags USD 30 Million From Angel Round

Technology Author: Boying Ji Jun 23, 2022 03:50 PM (GMT+8)

Home gym equipment maker Mitao completed its Angel round worth USD 30 million on June 22, led by IDG. In recent years, a new fitness method with scientific fitness technology as the core and intelligent fitness hardware as the carrier to meet the needs of personalized and efficient fitness has become popular around the world.

home gym equipment

Mitao (Chinese: 觅淘智联), a home gym equipment maker in China, announced its angle round worth USD 30 million on June 22, led by IDG, news portal reported. 

The main product of Mitao is a high-end home intelligent strength training device, the S Plan Model S. The official price of the product is CNY 29,998. 

The “2021 China Fitness Industry Data Report” showed that since 2007, China’s sports and fitness industry has raised 522 rounds of financing, with a financing amount of CNY 63.3 billion (USD 9.444 billion). 

Cui Tianlong, the founder of Mitao, said that at present, the Model S of the S plan is mainly sold in its official website, Taobao, Douyin Store, and other online channels, and the sales volume is a dozens of units. When the epidemic situation stabilizes, the products will also go to offline stores. 

Affected by the epidemic, the current supply chain cost is relatively high, and the cost of many components varies greatly, which result a high price of S Plan Model S. In the future, as the supply chain cost decreases, the profit of the product will increase by a certain percentage, Cui added. 

The company’s competitors include Mirror, Tonal, Tempo, Keep, and Joyrun (Chinese: 悦跑圈).