(Yicai Global) Dec. 27 -- Fuzhou Palm Create Information Technology Co., which operates massage chair-sharing brand Lemobar, has closed its first funding round at CNY50 million (USD7.6 million) to develop its products and ramp up marketing.

Chinese private equity firm Shenzhen Co-Stone Asset Management Co. led the round, online media outlet Lieyunwang reported.

Lemobar places massage chairs in high-foot-traffic areas, such as shopping malls, airports, rail stations, cinemas and tourist attractions. Users can make long wait times less stressful by scanning a QR code on the chair to make a mobile payment and enjoy a massage for a set time period.

China's sharing economy has boomed over the last few years, with users able to rent anything from umbrellas to electric cars. Many services have proved popular, but not necessarily fruitful. The nation's saturated bike-sharing market has led to a number of companies going bust and failing to repay customer's security deposits, and consumer councils are now stepping in to file class action lawsuits against providers for misappropriating prepayments.

Lemobar doesn't charge deposits, so may be able to avoid such controversy. It has already put out tens of thousands of chairs in more than 300 Chinese cities. The company has eight different types of massage chairs to meet the varying situations in which customers may desire such a service.