Home rowing machine Aviron announced Wednesday it raised $4.5 million in its latest funding round.
Samsung Next, Formic Ventures, GFC, and Y Combinator joined the round. The company’s machines cost $2,199.
This is just the latest investment in the growing connected rowing industry.
- April: Ergatta raised $30 million in a Series A funding round led by Advance Venture Partners.
- April: LIT Method announced an investment from Jay-Z’s Marcy Venture Partners.
- July: CITYROW secured $12 million in Series A funding led by JW Asset Management. The company’s revenue grew 375% in the last year.
- August: Hydrow announced it was in discussions with Sandbridge X2 Corp. to go public via SPAC, valuing the company at more than $1 billion. It raised more than $45 million in the last two years and saw sales jump by 400% during the pandemic.
Similar to Ergatta, Aviron is interested in gamifying the rowing experience — something founder and CEO Any Hoang says is the largest differentiator between Aviron and a Peloton or Hydrow.
Rather than instructor-led classes, the company focuses on virtual races and animated, story-driven games.
The global home fitness equipment market is estimated to reach to $8.62 billion by 2023.