Forme, a Smart Gym Startup, Files for IPO
The connected fitness mirror company has raised $128 million to date
Forme, the connected fitness mirror, confidentially filed to go public. Although the connected fitness market has generally cooled, Forme is betting on its longevity. While little is known about the traction or revenue, the IPO filing will provide additional information about how Forme has performed relative to competitors like lululemon Studio (formerly MIRROR) or Tonal.
Forme was founded in 2020, spearheaded by Trent Ward. The Studio is nearly six feet tall, nearly a full foot taller than lululemon Studio and 18 inches taller than Tonal. At 102 pounds, Forme Studio, at first glance, looks like a regular high-quality mirror. Forme costs $2,495 for the Studio without any add-ons, which is one of the pricier fitness mirrors on the market. Users can also buy one-on-one sessions with trainers, which cost $130 per hour or $70 per 30 minutes. It has a monthly membership fee of around $50/month, and includes access to their entire class library with accounts for you and five other people. Classes include strength, barre, yoga, core, boxing, dance, meditation, recovery, and more. Forme also has a partnership with Barry’s, and includes classes from Barry’s X for at-home training classes.
For the IPO, Forme is seeking $50MM in funding, valuing the company north of $200MM. According to Crunchbase, Forme has raised $128MM to date. According to Bloomberg‘s confidential sources, the startup is working with Berenberg, a multinational full-service investment bank based in Germany, on the potential offering.