Sports Company SnowyOwl Tech Secures Second Round of Financing in Six Months
Chinese media outlet 36Kr reported on Wednesday that SnowyOwl Tech, a sports technology company, has completed another two rounds of financing, Angel investing and Angel + investing, with a cumulative amount worth tens of millions of yuan.
The Angel investing was led by K2VC (Xianfeng Evergreen) and followed by Sequoia China Seed Fund. The Angel + round was led by Sequoia China Seed Fund, followed by Xiaohongshu and APlus Partners Limited.
Founded in March, 2021, the firm, with snowboards as its leading products, is committed to creating a brand covering all kinds of outdoor lifestyles with “sports technology” as its core, aiming to enable more people enjoy outdoor sports.
The company’s team is involved inall sorts of outdoor sports. The make up of its Chinese team is mainly new members arriving from hardware technology, Internet, investment and other industries. Its American team is mainly composed of top ski equipment research and development engineers, university professors and experts, and former world ski champions.
Why skiing? The firm’s founder Li Yao gave the following four reasons: First, the penetration rate of skiing in China will continue to increase. Second, the Beijing 2022 Olympics will prompt the growth of domestic skiing market. Third, the skiing infrastructure has continued to improve. In the past decade, the number of ski resorts in China has increased from 300 to 723, and the country has the largest number of indoor ski parks in the world. Fourth, the per capita consumption of ski equipment will continue to increase.
At present, the firm and its US team jointly develop The Whip, a high-end snowboard brand. Its Overide brand team is preparing for the R&D of ski suits, veneer shoes, helmet glasses and other products.
The Whip originated from a niche snowboarding brand with a 17-year history in the United States. Seeing the outbreak of China’s skiing market, the firm decided to reintroduce it to China, which has many years of accumulated of technologies and can match its operational values.
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The firm is developing new technological materials to enhance the experience of skiers. The WeChat applet and the brand’s offline channels are the most important marketing channels of The Whip, while overseas independent stations and Amazon are the main sales channels of Overide.