Fitness companies designed for home life continue to find success amid the COVID-19 pandemic.
Connected fitness machine maker Echelon raised $65 million from Goldman Sachs and North Castle Partners, who now own controlling interests in the company.
Echelon competes with top at-home fitness companies including Peloton and Tonal, but its product lines start at a lower price point.
- Echelon’s entry-level indoor cycling machine starts at $500.
- Its most advanced model goes for about $1,600.
- Peloton’s least expensive bike sells for $1,895.
Like many home fitness brands, Echelon had a banner 2020. Its revenue increased by more than 500%, exceeding $100 million, and it delivered classes to more than 100,000 users through its app.
In September, the company briefly made waves when it appeared to have partnered with Amazon to release a low-cost “Prime Bike.” The bike was pulled from Amazon two days later with the tech giant stating that Echelon “does not have a formal partnership with Amazon.”