iFit, which has tech-enabled exercise equipment for users to stream workouts with trainers, just raised $200 million in a round of funding led by hedge fund sponsor Pamplona Capital Management.
Now, normally here at Crunchbase News we write about startups and venture capital. iFit isn’t really a startup–it’s owned by ICON Health and Fitness, which is 42 years old– and its funding isn’t coming from a VC firm. But the connected fitness space is one that’s heating up (read more here) so we found this round to be notable.
With iFit, users can stream workouts with a trainer, and the machine can automatically adjust the speed and resistance, according to a statement from the company. iFit has different kinds of equipment at different price points, including treadmills, ellipticals, and stationary bikes.
“This capital raise will allow iFit to further accelerate its rapidly growing interactive fitness platform in the connected home and club fitness industries,” ICON Health and Fitness CEO Scott Watterson said in a statement. “We will dramatically expand consumer awareness, broaden the most expansive library of interactive fitness content in the world, and continue to invest in innovation and technology that truly enhances our customers’ fitness experience.”
The company’s most well-known competitor is perhaps Peloton, the maker of roughly $2,000 stationary bikes and controversial commercials alike. Peloton has built a name for itself in the connected fitness space through its pricey bicycles and streaming workout subscriptions.
Other competitors include Tonal and MIRROR.
As for iFit, the company has 330,000 paying subscribers, adding 77,000 subscribers last quarter, according to the company.