Last summer, Peloton, a maker of exercise bikes and treadmills that stream live and on-demand fitness classes, raised $550 million at a $4 billion valuation, making it one of the most valuable venture-backed companies in the country.
Now, a local company is aiming to bring this technology and growth to rowing.
Today, Harvard Square-based Hydrow, a maker of connected rowers that allow users to digitally row with professionals, announced that it has raised $20 million in funding from L Catterton, a private equity firm that has also backed Peleton and other fitness companies, such as Equinox, CorePower Yoga and Bodytech.
This round brings Hydrow's total funding to $25 million. According to the company, it plans to use the proceeds of this round towards expanding the product's reach across the country with live demos for customers.
Formerly known as True Rowing, Hydrow was founded in 2017 by former U.S. National Team Rowing Coach and entrepreneur Bruce Smith. The company wants to recreate an on-river, outdoor experience for users at home. Hydrow claims that its machine engages 86 percent of one's muscles, compared to 44 percent in other activities like biking and running.
Hinting at the company's future plans, Smith said, "In the future, we will expand to bring other outdoor activities to a home workout environment."
Hydrow's rowing machine comes attached with a 22-inch television screen that will allow users to follow live-streamed or recorded workouts led by some of the world's top rowers. In October 2018, its crowdfunding campaign on Indiegogo raised more than $265,000, way past its $100,000 goal within a few hours of its launch. The campaign raised a total of $1,033,473.
The company currently staffs 42 employees and plans to increase its headcount to over 60 by the end of the year, adding roles in product management, customer service and support.
Hydrow retails at $2,199; the product is currently sold out, but the company is accepting pre-orders on its website. Since its inception in 2017, it has sold more than 1,500 machines.
