Echelon Fitness Multimedia, maker of Echelon Fit connected spin bikes and on-demand digital workouts, has received an infusion of growth capital from North Castle Partners. The companies declined to specify the size of this investment, but told MobiHealthNews that it brings Echelon’s business to a total value of $100 million.
WHAT THEY DO
On the surface, Echelon Fit — a standalone entity launched out of Viatek Consumer Products Group early last year — offers an in-home connected workout experience similar to Peloton.
However, the company’s cheaper ($800 - $1,600) exercise bikes don’t come with a built-in tablet screen, instead opting to carry and connect to a user’s own tablet via an app. Through this product, users can adjust the bike’s magnetic resistance and, with a subscription, view on-demand and live fitness classes.
In addition to the bikes, the company recently launched an $80 connected exercise band that tracks wearer’s heart rates during guided open-floor exercise sessions, and is preparing to ship a wall-mounted, mirror-like screen that tracks the user’s biometrics while displaying Echelon’s fitness classes.
WHAT IT’S FOR
The investment will help Echelon Fit increase the availability of its existing and upcoming products in North America. Currently, the company’s bikes are sold online to US, UK and Canadian customers, as well as in retailers including Bed Bath & Beyond, QVC, Sam’s Clue, Amazon and Canadian Best Buys.
“The connected, live fitness space is poised for significant growth,” Jon Canarick, managing partner at North Castle Partners, told MobiHealthNews in an email statement. “Echelon Fit is the first business I have met that has successfully created high-quality, connected fitness products and made them accessible at a more affordable price than leading competitors. Our investment indicates our confidence that Echelon is well positioned to capture the mass market opportunity.”
THE LARGER TREND
Connected exercise device makers have been at the heart of some substantial funding rounds as of late, while the market’s trendiest manufacturer Peloton recently announced plans for an IPO. Retailers are starting to take note as well, with Best Buy announcing last month that it would bring a slew of these devices to more than 100 stores by the year’s end.
ON THE RECORD
“Our mission is to make live, connected fitness more accessible to a wider audience and this partnership with North Castle provides Echelon with both the growth capital and the deep industry expertise needed to do just that,” Lou Lentine, CEO of Echelon Fit, told MobiHealthNews in an email statement.