The fitness-tech industry is having a moment.
Excercise bike maker Peleton’s stock rose to a record high, thanks to pandemic-driven purchases. And now, Cambridge-based Hydrow, a maker of connected rowers that allow users to digitally row with professionals, announced that it has raised $25 million. The round was led by from L Catterton, a private equity firm that has also backed Peleton and other fitness companies, such as Equinox, CorePower Yoga and Bodytech. Rx3 Ventures, which is co-founded by Green Bay Packers Quarterback Aaron Rodgers, also participated in the round.
Rodgers launched Rx3 Ventures in 2019. The $50 million fund invests in fast-growing consumer startups, including men’s wellness brand Hims and new football helmet company VICIS.
This round brings Hydrow's total venture funding to $52 million, bringing the company’s valuation to $100 million, the company said.
Hydrow, one of BostInno’s startups to watch in 2020, wants to direct this capital to two main projects: To expand its content library and to increase its sales and marketing initiatives. This uptick in efforts is buoyed by the growth in the at-home fitness market with the adoption of virtual workouts.
“We’re excited to announce the continued support of L Catterton as we deliver a powerful and unique experience to consumers,” Hydrow CEO Bruce Smith said in a statement. “We started Hydrow with the mission of enhancing lives by bringing the soul enriching sport of rowing to homes around the world.”
Formerly known as True Rowing, Smith, a former U.S. National Team rowing coach, founded Hydrow in 2017. Smith wanted 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.
The rowing machine retails at $2,199, and comes attached with a 22-inch television screen that allows users to follow live-streamed or recorded workouts led by some of the world’s top rowers.
