ICON Health & Fitness is the latest recipient of the flood of cash hitting the at-home and connected fitness industry. The owner of NordicTrack, ProForm and Freemotion raised $200 million in its latest funding round.
Early Peloton investor L Catterton led the round, with reports suggesting the firm doesn’t view the two companies as competitors. ICON also owns streaming fitness platform iFit, which connects to bikes and treadmills made by the manufacturers.
With approximately 700,000 paid subscribers, iFit also raised $200 million on its own in 2019. Valued at more than $7 billion, ICON could go public within the next year.
Staying In & Staying Fit:
- The home fitness equipment market is projected to reach $4.3 billion by 2021.
- Peloton fourth-quarter sales reached $607.1 million, up 172% year-over-year.
- In September, fitness platforms Zwift and Tonal raised $450 million and $110 million, respectively.
- Fitness social network Strava recently announced it’s seeking investors at a $1 billion valuation.