Chinese ski gear maker Aoxue announced new fundraising amid pre-Winter Olympic boom

October 14, 2021 7:14 pm

Beijing-headquartered Aoxue Culture has raised “tens of millions of RMB” from BR Capital, according to tech news outlet 36Kr. Insight & Reliability Capital served as a financial advisor.

The fresh capital will be used to boost the company’s offline sales channels, facilitate products’ R&D, as well as for talent recruitment.

In January, the company just secured 20 million yuan ($3.1 million) in pre-series A funding from Shenzhen Capital Group.

Founded in 2014, Aoxue has 6 subsidiary companies operating ski equipment brand Nobaday, which means no bad days, and a ski content brand X-Summer on Wechat platform.

Aoxue has opened its bricks and mortar shops in China, the US, New Zealand, and Russia. On Ebay and Amazon, ski fans can easily found the products, as well as on Chinese major online shopping platforms JD, Taobao, Douyin, Dewu, etc. A snowboard sells at about 2000 yuan ($311) on average.

The company has a research center in Zhangjiakou, spanning 6,000 square meters, according to a news post by outdoor sports media Mounster. It will be a sponsor of China’s national teams in the incoming Winter Olympic Games.

The 2022 Beijing Winter Olympic Games has already ignited snow sports market to grow significantly. From February 4 2022 to February 20, the Games will be held in the capital and its neighboring city Zhangjiakou. 

A report from Chinese online travel agency Ctrip shows since last November, bookings of ski-themed tour products have increased by more than 350%. In the meantime, ecommerce platform Tmall said the sales of snowboards and other equipment have increased by more than 10 times since last year.

Ski and snowboarding used to be a niche sport in China. But in the past ten years, the annual registration volume of related companies has increased year by year. In 2019, there were 824 new companies, an increase of 15% year-on-year.

“Japan is a good example. Before the country held two Winter Olympic Games, their snow sports market was tepid, but the post-Olympics era saw a turning point.” The founder of Aoxue, Rickey Liu, told Mounster in an interview, “After the Beijing Winter Olympic Games, we will also see a peak of growth.”