Hydrow has announced that it received an additional $55 million in funding to help fuel growth for its popular connected fitness rower. This Series D round brings Hydrow’s total funding to now over $255 million.
This new funding comes at a critical time. The at-home rowing market has become fairly saturated over the past few years with Hydrow, Ergatta, Aviron, NordicTrack, Echelon, City Row, Concept 2, and many others.
If that wasn’t enough, many expect the Peloton rower to also be released soon – a move that will create additional competitive pressure among these companies.
Large investments are also understandably harder to get right now with the current drawback in the connected fitness growth and changing market conditions. The Peloton fiasco, which led to CEO John Foley stepping down, has also been a concern for potential investors.
An additional $55 million at this point could be invaluable for Hydrow to continue growing and building awareness of its brand. Hydrow’s founder and CEO, Bruce Smith, believes the company has only begun to tap into the potential market, saying:
“The work that we’ve done around total market penetration, it’s just super clear that the pandemic accelerated penetration for a little bit, but we don’t see any change in the long-term trends. Actually, the pandemic is going to continue to accelerate demand because nobody is going back to the office five days a week. It’s the same for fitness.
People are absolutely going back to the gym. We support that, and we’re going to be in your gym. In your apartment building. And your home. And that hybrid experience is the new normal going forward.”
- Connected fitness rower company, Aviron, announces 18.5 million in Series A funding and upcoming Netflix integration
- 2022 Ergatta Rower review – How I feel after 6 months of rowing
- Peloton Rower almost here?? Here’s the scoop on Peloton’s next 5 products!