CAMBRIDGE, Mass., June 16, 2020 /PRNewswire/ -- Hydrow, the Live Outdoor Reality™ (LOR) rower, today announced it has secured $25 million in financing led by L Catterton, the largest and most global consumer-focused private equity firm. The fundraising also includes support from the brand's other existing investors, including Rx3 Ventures (co-founded by Greenbay Packers Quarterback Aaron Rodgers). This extension will bring the total capital raised to $52 million.
Following a successful launch of nationwide shipping in the spring of 2019, Hydrow has disrupted the industry as the only connected fitness player that brings patent-protected, Live Outdoor Reality™ (LOR) directly to consumers' homes. With instruction from world-class athletes streaming live on the water in cities such as Miami, London, and San Francisco, Hydrow makes the experience of on-water rowing accessible to the masses. With consumers relying heavily on connected fitness during the pandemic, Hydrow has continued to gain momentum with sales skyrocketing 400% and has further accelerated the adoption of an immersive full body workout.
"We're excited to announce the continued support of L Catterton as we deliver a powerful and unique experience to consumers," said Bruce Smith, CEO and Founder of Hydrow. "We started Hydrow with the mission of enhancing lives by bringing the soul enriching sport of rowing to homes around the world. The accelerated demand we've seen in recent months has further validated the positive trend toward connected fitness and the increasing adoption of rowing."
"Hydrow's industry leading consumer engagement is unmatched, and we see an incredible growth opportunity as a result of its ability to deliver a superior and more efficient workout at home," said Michael Farello, Managing Partner at L Catterton. "We're pleased to have the opportunity to assist Hydrow in further extending its position as a leader in the rapidly growing connected fitness industry."
Hydrow's latest round of funding will focus on the following key business areas:
Content Expansion: With a growing library of live and on-demand classes, Hydrow is committed to expanding both its core rowing content as well as on the mat functional movement workouts to deliver a complete whole-body health solution for consumers in the comfort of their homes.
Increased Marketing Outreach: Hydrow will increase its sales and marketing initiatives nationwide and work with its base users to share the Hydrow experience with hundreds of thousands of new customers.
About Hydrow Hydrow is the Live Outdoor Reality™ (LOR) rower. Led by world-class athletes, including some training for the U.S. National Rowing team, Hydrow delivers a live on-river rowing experience at-home that engages two times more of the body's muscles than biking or running. Now more than ever, people's over-scheduled, stressful lives leave little time for meaningful exercise and the soul-enriching opportunity to spend time outdoors. Hydrow's innovative LOR technology brings balance and peace, while simultaneously delivering a challenging workout, engaging 86% of the body's muscles compared to 44% with cycling.