Hydrow is in talks with Sandbridge X2 Corp. to go public via SPAC, which would reportedly value the company at more than $1 billion.
Hydrow sells connected fitness rowing machines for $2,199, competing with the likes Peloton, Mirror, and Tonal. It raised $25 million last year and more than $20 million the year before in investment rounds led by L Catterton, a LVMH-backed private equity firm that is also in talks to go public.
The four-year-old company’s sales jumped by 400% during the pandemic and continue to accelerate, according to Hydrow CEO and founder Bruce Smith.
It’s not the only at-home fitness brand prepared to go public.
- Echelon Fitness is reportedly exploring strategic options, including a public listing, that could value the company at over $1 billion.
- iFIT Health & Fitness, formerly ICON, announced it would acquire Sweat, an online fitness training platform, for around $300 million ahead of an IPO in the fall.
- Beachbody, SPAC Forest Road Acquisition, and Max Fitness were granted shareholder approval in June to merge, valuing the combined entity at $2.9 billion.
Hydrow also sells heart-rate monitors, yoga accessories, headphones, and more, and named Kevin Hart as its creative director in October.