With startup culture still thriving and new businesses making headlines in the news seemingly every other day, financial reports about burgeoning companies intrigue many members of generation active.
The fitness industry’s constant evolution and overlap with technological advancement is propelling creativity in workout innovation and competition for stationary bike providers. All of this benefits the consumer by lower costs and improving products and services.
One company excelling in both of the aforementioned pursuits recently announced a significant financial advancement, according to an article from MobiHealthNews. Story author Dave Muoio detailed the news, writing:
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. …
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.
As the market reflects consumer spending habits, it can also reveal fitness trends and the workout preferences of countless individuals across the country.
To read Muoio’s full writeup, click here.