Angel investors join sports sector funding race

Venture capital firms are moving into the sports industry as the market grows, fueled by China's wealthy middle class.

Angel investment company ZhenFund, which was founded in 2011 and is based Beijing, has taken a stake in FitTime, a mobile app focusing on personal fitness, without revealing detailed financial information.

The company has also invested in Feel, another mobile fitness app, Beastbikes, a cycling app, and Cikers, an online club for soccer fans. Again, no financial numbers have been released. "The Chinese sports industry is expanding rapidly alongside the country's growing middle class," Gu Minman, investment principal of ZhenFund, said. "It's a historic time for sports entrepreneurs and investments."