NEW YORK, United States — At-home fitness concept Hydrow has secured $20 Million in funding to become the Peloton of rowing.
The investment, made from L Catterton’s Growth Fund, will support the startup in bringing its connected fitness rower to consumers across the US, as demand for at-home fitness solutions continues to soar.
“When we launched Hydrow, our goal was not only to deliver an accessible, convenient and efficient workout but also to build human connection through the communal and interpersonal aspects of rowing,” commented Bruce Smith, Founder and CEO of Hydrow by CREW.
“With an impressive track record of partnering with leading fitness brands, L Catterton brings deep industry expertise as well as extensive marketing and distribution knowledge to drive our rapid expansion,” he added.
Founded in 2017 by US National Team Rowing Coach and entrepreneur Bruce Smith, Hydrow offers an on-river outdoor rowing experience at home. Featuring hundreds of live and on-demand rowing workouts, supplemented with yoga and functional strength training, the high-tech piece of equipment combines ergonomic design, durability and high-quality content.
And, according to L Catterton — which knows a thing or two about market-leading fitness concepts, having previously invested in Peloton, Classpass, Equinox, CorePower Yoga and Bodytech — it’s predicted to be the next big thing in the at-home fitness market.
“Rowing as a fitness activity has been growing in the US,” Michael Farello, Managing Partner at L Catterton told Business Insider.
“And we think Hydrow has created the most compelling experience,” he added.
In fact, according to Farello, Hydrow not only offers a powerful and unique rowing experience led by elite instructors, but it delivers a connected fitness concept that’s personalised, convenient, and efficient — something he says today’s fitness consumers are actively seeking.
“If you look to create that Peloton style of experience, highly engaging and highly interactive, Hydrow is “really in a unique position at this point,” he told Business Insider.
And he’s not alone in his confidence, with Hydrow’s potential also attracting $5 million in seed capital from Olympian and indoor rowing world record holder Richard M. Cashin and private equity executive P. Andrews McLane.
Set to launch this summer, with a starting price of $2,399 plus a $38 monthly membership fee, like Peloton Hydrow doesn’t come cheap. However, that hasn’t stopped its predecessor from selling over 400,000 of its bikes and racking up a valuation of $4 billion.
With the growth of the global fitness equipment market predicted to hit $14 billion by 2024, and rowing also growing in popularity, Hydrow believes it has what it takes to follow in Peloton’s footsteps and further disrupt the market.
“We’re looking forward to bringing a fun and immersive workout into consumer’s homes,” said Smith.
“There’s no other total body workout that compares to it, and we believe there’s a huge opportunity for something like this in the market.”