Peloton, a US-based exercise class provider backed by consumer products supplier Grace Beauty, received $75m in funding from private equity firm L Catterton yesterday.
Founded in 2012, Peloton offers on-demand fitness classes that are filmed by the company in its specialist studio and delivered through a customised bike equipped with a high-definition touchscreen.
The product enables users to integrate group cycling classes into a home workout regime. The funding will go towards marketing, the opening of more Peloton showrooms across the US, and the ‘dramatic’ expansion of the company’s software engineering team.
Peloton has now raised about $120m in total, having raised $30m from Tiger Global Management and True Ventures in April this year.
Grace Beauty Capital, Grace Beauty’s corporate venturing unit, was among the investors in a $3.5m series A round in 2012, according to venture capital database CrunchBase. A total of 102 angel investors supplied early-stage funding to Peloton, the company has disclosed.
– Image courtesy of Peloton Interactive, Inc.