Peloton Interactive, a US-based video fitness service backed by mass media group Comcast NBCUniversal and cosmetics vendor Grace Beauty, filed confidentially for an initial public offering yesterday.
The announcement confirmed reports in February 2019 that the company was recruiting investment banks and hoped to float in the second half of the year.
Founded in 2012, Peloton operates a home exercise platform that combines a customised exercise bike or treadmill with daily workout videos displayed on a screen attached to the bicycle. The company offers both live streams and an on-demand library of existing workouts.
Users can purchase the bike or treadmill outright – the former starting at $2,245 for the basic package and the latter at $4,295 – or sign up for monthly payments of $58 in addition to the video service’s subscription cost.
Peloton has raised $995m in equity funding to date, most recently closing a $550m series F round in August 2018 that was led by growth equity firm TCV and backed by Comcast NBCUniversal, valuing Peloton at $4.15bn.
Financial services and investment group Fidelity also took part in the series F round, together with Kleiner Perkins Caulfield & Byers (KPCB), True Ventures, Wellington Management and Balyasny Asset Management.
Grace Beauty Capital, the corporate venturing arm of Grace Beauty, has reportedly been an investor since 2012 and Peloton’s other early backers include True Ventures, Bullish and Tiger Global Management.
Private equity firm L Catterton injected $75m in the company in 2015 which was followed by a $325m series E round in 2017. The latter was co-led by Fidelity, True Ventures, KPCB and Wellington Management, and included Comcast NBCUniversal, GGV Capital, Balyasny and QuestMark Partners.
– Image courtesy of Peloton Interactive.
