For home fitness, the timing of a pandemic couldn’t have been more perfect.
Pioneered by Peloton, on-demand home exercise was already popular pre world-falling-apart — the space raised $1.8B in 2019.
But come 2020, home exercise startups have grown from a somewhat scrawny bunch into a squad whose muscles have muscles — the space raised $3B last year.
2021 is looking to get even bigger
Tonal, a weights-on-a-wall startup whose revenue grew 8x in 2020, recently closed a $250m funding round. The company is also partnering with the Mayo Clinic for physical therapy trials, as well as with hotels and resorts.
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Tempo, which is like Peloton for free weights, raised $220m led by SoftBank. Sales have jumped 1,000% since pre-orders began in 2020, and users have collectively done 5m workouts on the platform.
Today, it seems, there’s a Peloton for everything
Tonal and Tempo occupy the home weights arena, but startups are operating in a variety of other sports, too:
- Rowing: Hydrow has raised $65.8m for its Peloton-like rower
- Boxing: FightCamp is backed by Y Combinator, and Quell has raised $3m
- Aerobics: Lululemon acquired Mirror last year for $500m
- Climbing: Vertical climber startup Clmbr has raised $3.4m
- Cycling: The multiplayer
gamingcycling platform Zwift has raised $619.5m
Bottom line: For homebody athletes, it’s quite a time to be alive. Unless you’re Joe Biden, that is, who couldn’t bring his Peloton to the White House for security reasons (Peloton offered a customized bike but no word if it came).