(Yicai Global) Oct. 16 -- Wenjia Industrial, a maker of treadmills for Chinese fitness equipment brand Xqiao, has secured CNY140 million (USD20.6 million) in B+ round financing led by Harvest Capital Management.
Shareholders Future Capital Discovery Fund and Angel Plus Equity Investment Management also took part in the funding, the Shanghai-based company said in a statement.
The firm will use the funds raised for research and development and adjust brand strategy to position itself as a family health technology company. Wenjia received CNY20 million in A-round funding from Wedo Capital and Future Capital Discovery Fund, as well as hundreds of millions via B-round financing led by Meridian Capital Group.
Key client Xqiao has sold 180,000 treadmills between September 2016 and January this year bringing in CNY200 million in revenue, said Wenjia founder Pan Zhongjian.
Editor: William Clegg