Beijing Streets Play Host to USD0.03-a-Minute Shared Gyms

Beijing Streets Play Host to USD0.03-a-Minute Shared Gyms

Yicai Global

Date: Thu, 08/10/2017 - 12:13 / Keywords: Shared Economy, Fitness, FINANCING, Venture Capital
  • A Misspao gym in BeijingHIDE
  • Users can pay a deposit on their smartphone and scan a QR code to enter the gymHIDE
  • A man prepares to run on a treadmill in one of Misspao’s shared gymsHIDE

(Yicai Global) Aug. 10 -- Shared gyms are the next new thing for China’s sharing economy, after CNY0.2-a-minute (USD0.03) indoor treadmills have been set up on the streets of Beijing.

Misspao, an internet technology firm based in the city, is responsible for the micro-gyms. It was founded in July this year and has already secured two rounds of funding to the tune of tens of millions of yuan. Its investors include well-known venture capital institutions, such as Matrix Partners China.

The financing has put the company’s value at more than CNY100 million (USD15 million).

Misspao hopes to roll out shared gyms in 1,000 communities in the Chinese capital before the end of the year, and quickly maker the equipment available ‘smarter,’ the company’s founder Bi Zhen said.

The company’s model isn’t too dissimilar from MiniKTV, where passers-by can book private mini-booths in shopping malls to sing karaoke. A Misspao gym is four-square-meters in area and can accommodate up to two people. They include a treadmill and other sports equipment, air conditioning and an air purifier. Users can book online with a smartphone application and scan a QR code to enter the gym.

The company’s founder expects to recover its investment within 10 months.

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Keywords: Shared Economy, Fitness, FINANCING, Venture Capital