$325 Million in Series E Funding
On May 24, 2017, Peloton, the technology company revolutionizing the fitness industry through its indoor cycling bike and studio content, announced that it has closed a $325 million series E financing round.The round was led by Wellington Management, Fidelity Investments, Kleiner Perkins, and True Ventures. Other significant investors in this round included Comcast NBCUniversal, GGV Capital, Balyasny, and QuestMark.
“We are changing the way people engage in fitness. This financing will allow us to expand our product content offerings, open new showrooms across the country, and continue to innovate. ” said Peloton Founder and CEO John Foley. “Peloton is supporting especially broad subscriber engagement and growth. We believe Peloton is the leader in a new business that has significant potential – Physical Interactive Media.” said Mary Meeker, Partner at Kleiner Perkins.
This news marks the latest milestone for Peloton, who earlier this year was named by Crain’s as the fastest growing company in New York. Over the past year, Peloton nearly tripled its annual revenue, and grew its subscriber base over three-fold. As a result, investors like True Ventures are even more confident in Peloton’s ability to scale and become the undisputed leader in fitness.
In addition to Peloton’s award winning indoor cycling bike for home use, the company recently introduced a commercial-grade tailor made for high-traffic environments. The bike is also equipped with software designed to quickly onboard new users. In April, Peloton announced an industry-first partnership with Westin Hotels and Resorts. Its commercial bike is already in over 30 Westin properties around the country. J.P. Morgan served as the sole placement agent for this offering, which contained both primary and secondary funds.
Founded in 2012, Peloton is revolutionizing the fitness industry by merging high-design with modern technology to provide access to live and on-demand fitness classes led by elite NYC instructors. With instant access to classes, performance tracking metrics and a motivating real-time leaderboard, Peloton is changing the way people get fit through a comprehensive and socially connected-experience.
You can find more information on Peleton’s funding on Business Wire