Hydrow, maker of a connected rowing exercise product for consumers, has added an additional $7 million to a $20 million Series A round led by L Catterton announced back in February. The add-on funding came from Rx3 Ventures, Wheelhouse, The Raptor Group and The Yard Ventures.
In addition, the digital fitness company said in its announcement that has begun shipping its product to 1,000 Indiegogo backers living across the US.
WHAT THEY DO
Often described as a “Peloton for rowing,” Hydrow’s device offers consumers an in-home rowing workout that is supported by live or on-demand digital courses. Delivered through a 22-inch screen attached to the front of the machine, these courses simulate a workout on real rivers with visuals, audio, an instructor adjustable resistance. The machine also keeps track of users’ individual workout goals and progress, and allows them to compete with others who own the device via leaderboards and teams.
"Since we founded Hydrow, our goal has been to help people achieve whole health by not only engaging the body physically, but also engaging the mind by creating a sense of community and connectedness through rowing," Bruce Smith, CEO and founder of Hydrow, said in a statement. "We're excited about the demand we've experienced since our Indiegogo crowdfunding campaign last fall and look forward to bringing the Hydrow experience into the homes of our customers nationwide who want to fuel their minds and bodies, and feel more connected to the world around them.”
The Hydrow device costs $2,199, with a $38 per month subscription for content updates.
WHAT IT’S FOR
According to the announcement, the new funding will help Hydrow grow its business and ship its first devices to early backers.
Peloton is the clear leader of the connected workout machine space, having most recently brought in a $550 million financing round during the summer. Others like Mirror and Tonal have taken alternative approaches to in-home fitness products and are enjoying investor support for their efforts.
ON THE RECORD
"Hydrow's ability to connect people and deliver a superior, low-impact workout combined with its commercial-grade durability, unsurpassed content and user-friendly design is unlike anything else on the market and makes it a tool that everyone from professional athletes to at-home fitness enthusiasts stand to enjoy and benefit from," Nate Raabe, managing partner at Rx3 Ventures, said in a statement. "We look forward to furthering our relationship with Hydrow as they continue to grow and bring the benefits of a full-body rowing workout to homes nationwide."