Hydrow Raises $55M in Series D, Looks to Expand Globally
The at-home connected rowing company has investors believing that at-home fitness is here to stay
Hydrow, the at-home connected rower company, has announced a $55 million Series D funding round. The rower brand says its revenue increased more than threefold between 2020 and 2021, and now has more than 200,000 connected rower users.
Hydrow has a slew of celebrity backers, including Lizzo, Justin Timberlake, Aaron Rodgers, and Whitney Cummings. Kevin Hart has even joined the Hydrow team as Creative Director. Last summer, Bloomberg reported that the rowing company was exploring an IPO or possibly merging with an SPAC.
According to Hydrow, the latest Series D round of funding, led by Constitution Capital, will go toward continued product innovation, global expansion, accelerating brand awareness, and scaling operations.
The investment and belief in Hydrow may be encouraging for at-home fitness brands, which have begun to see consumers leave the house and return to the gym. Even still, Hydrow is confident in its position.
“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,” Bruce Smith, CEO and Founder of Hydrow, said in a statement.
“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.”
The rowing company also received support from L Catterton, RX3 Ventures, Liberty Street, Activant Capital and Sandbridge Capital.
Constitution Capital praised Hydrow’s management team and strong growth trajectory in a statement from Vil Ramos.
“We continue to have strong conviction in Hydrow’s growth prospects as consumers are increasingly drawn to rowing as an efficient and effective workout to fuel their busy lives,” says Michael Farello, a Managing Partner in L Catterton’s Growth Fund.
“Even as gyms and studios reopen their doors, we remain confident that connected fitness is here to stay and differentiated concepts such as Hydrow are well-positioned for the future.”
The connected rowing company has expanded its member offerings, including new workouts in the United States and Europe, as well as new workout formats such as coastal rowing.
Earlier this month, the Boston-based company announced a complimentary personal coaching session for new rowers. With each new purchase of Hydrow Rower, consumers will get access to a live expert rowing coach for a half hour.
Hydrow may end up with a competitor this year, as speculation continues that Peloton will be revealing its own rower this spring.
