Connected Rower Hydrow Closes $55M Series D
Connected rowing machine maker Hydrow has raised $55 million in Series D funding, the company said in a Thursday (March 17) news release.
The company says the new money will help fund product innovation and global expansion, while also boosting brand awareness and scale operations.
Hydrow says it has seen its revenue triple between 2020 and 2021, and now counts more than 200,000 members. The company has expanded its offerings to release workouts from new locations throughout the U.S. and Europe, as well as new workout formats, such as coastal rowing.
“As more and more people embrace a hybrid approach to fitness, we continue to see extraordinary adoption, and our top priority is ensuring we can keep meeting that demand,” said Bruce Smith, Hydrow’s founder and chief executive. “This latest round of funding will not only allow us to do that, but will give us the opportunity to further invest in our product offering and drive innovation, so we can continue to deliver a best-in-class experience for our members.”
Hydrow’s machine is designed to re-create the feeling of rowing on water and offers rows that work 86% of the body’s major muscle groups. The rower also comes with “On the Mat” workouts that include yoga, Pilates and strength training.
Read more: Connected Fitness Firms Cash In on the 'Great Recalibration' of Staying Fit
The company’s growth comes amid what has been called the “great recalibration” of fitness in the wake of the pandemic.
That phrase comes from CITYROW founder and CEO Helaine Knapp in a conversation with PYMNTS last month about connected fitness.
“I talk about a fitness maturity curve,” she said. “As you go through that [maturity curve], you learn more. At some point you might join a 24 Hour Fitness or an Anytime Fitness. As you grow from there, you see why boutique is gaining market share from big box. I think part of why we’re seeing this massive boom in connected fitness is people trying to think about, ‘How do I do this every day?’”