As Keep, a Chinese company specializing in fitness classes, broadens its range of products to encompass items like exercise bikes similar to those offered by Peloton and nutritious food options, the company is securing additional investment to support its growth strategies.

Keep announced on Monday that it has successfully completed a Series F funding round, raising $360 million with SoftBank Vision Fund as the lead investor. Hillhouse Capital and Coatue Management also contributed to this round, alongside current investors including GGV Capital, Tencent, 5Y Capital, Jeneration Capital and Bertelsmann Asia Investments.

Sources familiar with the matter have indicated that this latest investment round establishes the six-year-old company’s post-money valuation at approximately $2 billion. A representative from Keep confirmed to TechCrunch that the company does not currently have any intentions of becoming a publicly traded entity.

Founded in 2014, Keep initially gained traction by offering online workout videos, quickly attracting a user base of 100 million within its first three years. The company now reports serving over 300 million users. Over time, Keep has cultivated a network of fitness professionals who lead live classes through video, and now employs a dedicated team of course creators, streaming instructors, and operational personnel focused on its video-based fitness services.

The company states that its primary source of income is membership fees paid by the 10 million users who subscribe to its personalized fitness programs. It is also actively expanding its range of consumer products. For example, last year the company released a connected stationary bike with accompanying video workouts, mirroring the Peloton model. Apparel, treadmills, and smart wearable devices have also been added to its product line.

In 2018, Keep launched international versions of its app, targeting the growing market for at-home fitness solutions globally. The company maintained a consistent presence on popular Western social media platforms such as Instagram, Facebook, and Twitter until spring 2019.

Keep explained that the recent funding will be used to further its ongoing efforts to enhance its services and products for users, and to support fitness professionals, aligning with the Chinese government’s initiative to promote “national fitness.”

Eric Chen, managing partner at SoftBank Vision Fund, commented, “We are confident that fitness has evolved into a crucial element of daily life for Chinese individuals as their incomes increase and their focus on health expands.”