FitLab Accelerates Growth With $65M in Strategic Financing
The platform behind Nike Studios and other boutique fitness concepts is eyeing ambitious growth
FitLab, the multi-brand performance lifestyle company behind Nike Studios, has some new capital to play with. The fitness platform has secured a $65 million strategic financing facility from Atlas Credit Partners, made up of approximately $35 million funded at closing and $30 million of remaining availability.
With the capital, FitLab has acquired what the company calls a “cutting-edge fitness equipment manufacturer,” enhancing its ability to weave together all aspects of a customer’s fitness experience and deliver them in a multitude of ways.
“Our pursuit of excellence extends beyond fitness and wellness innovation, encompassing strategic partnerships that elevate our company,” said Mike Melby, co-founder and co-CEO of FitLab. “We’re thrilled to secure the financing from Atlas to allow us to accelerate our expansion and offer our integrated platform to a broader audience seeking unparalleled fitness experiences.”
FitLab is no stranger to ambitious growth. The company recently agreed to a partnership with GoSaga, an organization that invests in and scales next-gen lifestyle brands across health, wellness, fitness and beauty to launch a minimum of 250 studios across the Northeastern and Mid-Atlantic regions of the United States.
Right before that, the company inked a deal with Nike to launch Nike Studios, which will include a network of boutique fitness locations, including Nike Training Studios and Nike Running Studios. FitLab also has rights to brands such as Racked, XPT by Laird Hamilton and Gabrielle Reese, and Fast by Conor McGregor.
Atlas Credit Partners also comes to the table with an impressive track record. The asset management firm has 80-plus years of combined business experience financing cutting-edge, medium-sized institutions such as SoundHoundAI and AST SpaceMobile. They’ve invested a total of over $950 million to date. Atlas agreed to a similar strategic funding deal with wellness brand Hyperice this past summer.
“FitLab uniquely integrates every channel of the fitness ecosystem into a single, differentiated platform,” said Andrew Sung, head of research at Atlas Credit Partners. “With this acquisition, combined with the company’s ramp of boutique fitness studios and partnership with a best-in-class global brand, we believe that our investment will help accelerate the pace at which the company continues to innovate the fitness experience.”