KingSmith, a Chinese walking pad maker and startup, announced that it has completed a new round of financing. Specific details of the financing were not disclosed but is reportedly near RMB100 million yuan.
The investors are Cathay Pacific Ventures and Zhongtai Securities. Qingtong Capital is acting as the exclusive financial advisor.
KingSmith founder Jing Zhifeng said that this round of financing will be mainly used for the development of new smart IoT products such as second-generation walking pad machines, treadmills, and exercise bikes; development of home fitness content and courses; expanding sales channels and strengthening the brand; optimization supply chain system and other aspects.
Public information shows that KingSmith was established in Beijing at the end of 2015 and joined the Xiaomi ecosystem in 2016. In cooperation with the Xiaomi ecological chain, after nearly two years of hard work, KingSmith released the first product Walking Pad on the Xiaomi Youpin crowdfunding platform in April 2018. A whole new category has been created in the field of equipment.
Jing Zhifeng explained, "The pace of life in the information age is fast. Walking pad allows users to exercise with scattered time, and they can be placed in front of the TV to play while exercising. In addition, walking pads have the obvious advantages of being light, thin and small due to its original 180° folding structure, which greatly saves family space and solves the problem that fitness equipment takes up family space.
Qiao Jianhua, CEO of Qingtong Capital, said: “Qingtong Capital pays attention to consumer brands under the general health trend. With the popularization of the concept of home fitness, products with cost-effective and multi-scenario adaptation will be more popular. Compared with traditional treadmills, KingSmith’s self-developed walking pad machine has made large-scale sports equipment home and home appliances, greatly reducing the threshold for use. In addition, KingSmith relies on the Xiaomi ecological chain to expand online and offline channels."
In the Covid era, KingSmith’s walking pad machines meet consumer demand as more people need to stay home and exercise. Its product offers lower priced, smaller, fold-able walking equipment that can be easily utilized while watching TV or reading. The company did not disclose any sales data.