Echelon Fitness gets another round of funding
CHATTANOOGA, Tennessee, April 28, 2021 / PRNewswire / – Echelon Fitness Announces New Round of Successful Growth and Funding in Q1. The newly raised capital will help close new business, attract new content and talent for the Echelon community, and continue to bring innovative products to market through multiple retailers. New investors include Goldman Sachs Growth, North Castle Partners and United Talent Agency (UTA).
Echelon Fitness rose to the challenge of meeting market demand – by offering a range of connected equipment at different prices, available from reputable big box retailers and Echelon online – to suit a much wider range of hobbyists. home fitness. Since 2020, Echelon has:
- More than five new products including the launch of a new category, the Echelon Stride automatic folding treadmill
- Equipment in the categories cycling, rowing, treadmill and fitness mirror
- $ 65 million financing led by Goldman Sachs Growth and North Castle Partners
- Global expansion in France and Germany, with live and on-demand programs offered by studios in each respective country
- Relationships with major retailers such as Walmart, Sam’s Club, Best Buy, Costco, Dick’s Sporting Goods, etc.
In addition to UTA, several personal investments have come from talent and executives from the entertainment world, including Aaron Gordon, Jean Wall, and Rich Paul (Founder and CEO of Klutch Sports Group).
“We are delighted to partner with Echelon as they evolve their brand in technology and entertainment,” said UTA Head of Ventures, Sam wick. “We are confident that their fan base will continue to grow and we look forward to helping them take it to the next level.”
The home fitness industry has exploded over the past year, propelled by more time at home and limited access to gyms, classes and trainers. According to NPD retail data, health and fitness equipment revenue more than doubled to reach $ 2.3 billion from March to October 2020.
All indications point to a continued demand for home equipment and live streaming content services. Since the start of the pandemic, 76% of Americans have said they have tried exercising at home, according to a survey by New Consumer and Coefficient Capital, and 66% prefer it at the gym. An Ameritrade survey found that 59% of Americans did not plan to renew their gym memberships after the pandemic. And the Echelon Riders are reaping the rewards. december 2020 brought over a million rides, more in that month than for all of 2019 combined.
“Echelon has experienced exceptional growth over the past year, and we believe that a significant portion of it comes from our focus on developing products and services that meet the needs of consumers,” said Lou Lentine, President and CEO of Echelon Fitness. “During the past year, we launched five new products, expanded to new categories and new retailers, and also entered new international markets. This new funding from these preeminent partners will help us further enrich our classroom experience.
For more information on Echelon Connected equipment and subscriptions, visit https://echelonfit.com.
ABOUT ECHELON FITNESS
Echelon Fitness has revolutionized connected home fitness since the launch of its first Connect Bike in 2017. What started as a mission to make a healthy lifestyle accessible to everyone has grown into a range of innovative fitness solutions, as well as a thriving community. Ranging from sophisticated indoor cycling bikes to touchscreen fitness mirrors and more, each product benefits from thoughtful design and cutting-edge technology, allowing people to exercise how they want, when they want. want and with whom they want. By leveraging the Echelon Fit app and United membership, members have access to a variety of live and on-demand classes led by down-to-earth fitness instructors. Members can also use the app to track their performance against Echelon’s live leaderboard and overall progress, while enjoying healthy competition. For more information visit https://echelonfit.com/.
ABOUT UTA VENTURES
UTA Ventures leverages the agency’s expertise, relationships and endemic knowledge of the entertainment business landscape to provide businesses and clients with a strategic advantage. The team has built, advised and invested in a portfolio of over 40 companies with a collective valuation of billions, including Masterclass, Cameo, Patreon, Cloud9, Pocket.watch, Radish Fiction, NTWRK and more. The department also creates business for clients, including Priyanka Chopra Jonas’ hair care line, Anomaly; Tia Mowry multicultural welfare company, Anser; and Emma Chamberlain’s Café Chamberlain, among others.
SOURCE Echelon Cup