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Rowing-machine maker Hydrow announced it has raised $55 million in a Series D funding round led by Constitution Capital.
Rx3 Group Partners, Liberty Street, Activant Capital, and Sandbridge Capital also took part in the round, as did LVMH-backed L Catterton — which has also invested in fitness companies Tonal, Peloton, Equinox, ClassPass, Xponential, and Sweaty Betty.
The company’s total funding exceeds $255 million, but Hydrow founder and CEO Bruce Smith says there’s still room for growth, highlighting that the overall penetration of connected fitness compared to the total market is under 10%.
- Last year, the company was reportedly exploring an IPO or going public via SPAC merger at a valuation of more than $1 billion.
- The company’s revenue tripled 2020’s haul in 2021, per CNBC.
- Hydrow counts more than 200,000 users.
Sales of cardio equipment — not just Hydrow’s — grew 95% from 2019 to 2021, totaling $1.5 billion, according to The NPD Group.
Hydrow Goes Hybrid
Smith said the company supports people going back to the gym, but Hydrow is going to “be in your gym in your apartment building. And your home. And that hybrid experience is the new normal going forward.”
He believes that the pandemic will continue to accelerate the at-home fitness demand because “nobody is going back to the office five days a week.”
