Hydrow Receives $20 Million+ Growth Investment Led by L Catterton's Growth Fund
07 Feb, 2019, 08:00 ET
CAMBRIDGE, Mass. and GREENWICH, Conn., Feb. 7, 2019 /PRNewswire/ -- Hydrow by CREW, the first live outdoor reality (LORTM) rower, today announced that it has received a significant growth equity investment led by L Catterton, the largest and most global consumer-focused private equity firm. The investment, made from L Catterton's Growth Fund, will enable Hydrow to bring its connected fitness rower to consumers across the country.
Founded in 2017 by U.S. National Team Rowing Coach and entrepreneur Bruce Smith, Hydrow offers a live on-river outdoor rowing experience at home that engages two times more of the body's muscles than biking or running and results in up to 400 calories burned in a 20-minute workout. With hundreds of live and on-demand rowing workouts, supplemented with yoga and functional strength training, Hydrow has created an immersive fitness experience led by world-class trainers, many of whom compete at the Rowing World Championships. Manufactured with commercial grade durability and designed for easy assembly and storage, Hydrow is the perfect solution for both the home and traditional gyms.
"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," said 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."
"Consumers are looking for connected fitness concepts that provide a personalized, convenient, and efficient workout," said Michael Farello, Managing Partner, L Catterton Growth Fund. "Combining ergonomic design, high durability and unmatched content, Hydrow delivers a powerful and unique rowing experience that allows consumers to personalize each workout while engaging with Hydrow's elite instructors. We look forward to working with Bruce and his exceptional team to grow Hydrow globally through its omni-channel expansion as more fitness enthusiasts recognize the benefits of rowing workouts for all levels of fitness."
L Catterton has significant experience investing in leading fitness concepts. Current and previous investments include Peloton, Classpass, Equinox, CorePower Yoga and Bodytech.
About L Catterton
With over $15 billion of equity capital across six fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm. L Catterton's team of more than 150 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH and Groupe Arnault. For more information about L Catterton, please visit lcatterton.com.
Hydrow is the live outdoor reality (LOR)TM rower. Led by athletes including some training for the U.S. National Rowing team, Hydrow delivers a live on-river outdoor rowing experience at-home that engages two times more of the body's muscles than biking or running and that results in over 400 calories burned during a 20-minute workout. 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 live outdoor reality rower brings balance and peace while engaging 86% of one's muscles compared to 44% for biking & running.
Andi Rose / Kate Clark / Andrew Squire
Joele Frank, Wilkinson Brimmer Katcher
Kel & Partners
SOURCE L Catterton
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