PRODUCT NEWS
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| iFit raises US$200m to accelerate growth plans |
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| 18 Dec 2019 . BY Tom Walker |
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| iFit’s proprietary streaming technology allows a multi-faceted interaction between the user, their iFit trainer and their smart machine / ICON Health and Fitness |
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Interactive fitness streaming platform iFit has raised a US$200m warchest in order to accelerate its growth plans in the connected fitness sector.
The growth equity investment was led by Pamplona Capital Management and the funding will be used further expand iFit's presence in the connected home and club fitness industries.
iFit is owned by ICON Health & Fitness, which also owns the NordicTrack, ProForm, and Freemotion brands.
iFit’s proprietary streaming technology allows a multi-faceted interaction between the user, their iFit trainer and their smart machine.
iFit can be used to adjusts the speed, incline, decline, and resistance of iFit-enabled machines in sync with interactive trainer-led streaming workouts shot on location around the world.
"This capital raise will allow iFit to further accelerate its rapidly growing interactive fitness platform in the connected home and club fitness industries," said Scott Watterson, founder, chair and CEO of ICON.
"We will dramatically expand consumer awareness, broaden the most expansive library of interactive fitness content in the world, and continue to invest in innovation and technology that truly enhances our customers' fitness experience.
“As a company, we’re laser-focused on bringing iFit’s exceptional interactive fitness experience to as many consumers as possible, on as many products as possible, as fast as possible. This capital raise just accelerated our ability to achieve our mission.
"We have multiple brands including NordicTrack, ProForm and Freemotion, with multiple price points and multiple product lines of treadmills, bikes, elliptical machines, rowers and strength products.
"As a result, we enjoy a booming direct-to-consumer business and a successful retail distribution, with more than 1,500 locations where consumers can shop our connected equipment in person. These factors create a prime environment for sustainable membership growth.
“Our current base of 330,000 paid memberships is growing rapidly. We added more than 77,000 new paid iFit subscribers in our last quarter alone. That uptake is indicative of a strong consumer affinity for the iFit experience across our product lines."
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