Shanda Invests RMB 22 Mln in Fitness SNS Codoon
Netease Tech, 4/07/11
Health and fitness vertical site Codoon.com recently received an RMB 22 mln investment from Chinese online media provider and online game developer and operator Shanda Interactive (Nasdaq: SNDA). An industry source said Shanda's investment arm, Shanda Capital, had completed investment in several hundred projects, many of them related to online entertainment.
Codoon's business consists primarily of its online vertical community and offline sales of its fitness tracking devices. Users of the devices can record statistics about their sleep time and daily workout, including the number of paces taken, number of kilometers traveled, and number of calories burned, and can sync the statistics to Codoon's online community using the bundled software.
Codoon president Shen Bo and two partners founded the site in October 2009. Prior to the investment from Shanda Capital, Codoon had received RMB 600,000 in funding from the National SME Technology Innovation Fund.
While Codoon's revenues currently depend on offline hardware sales, the company hopes to explore new profit models once it has grown its online community. A spokesperson for the company's online marketing division said that Codoon was in the process of developing mobile applications, and will also release updated fitness tracker products in the future.
Editor's Note: Chinese IT industry investment information portal IT Juzi reports this funding from Shanda as Codoon's angel round.
Keywords: Codoon business model sports Shanda hardware Internet funding investment SNDA SNS mobile application angel funding M&A mobile fiteness
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