Peloton, a NYC-based global fitness technology company, raised $550m in Series F financing.
The round, which brought total equity raised to date nearly $1B since its inception, was led by TCV, with participation from existing institutional investors including Tiger Global, True Ventures, Wellington Management, Fidelity (FMRCo), NBC Universal, Kleiner Perkins and Balyasny and new investors Felix Capital, Winslow Capital and other mutual fund partners.
Jay Hoag, Founding General Partner of TCV, who also serves on the board of Netflix, Electronic Arts, Zillow, and other prominent technology companies, will join the Board of Directors. He joins TCV Venture Partner Erik Blachford, who has been on Peloton’s board since 2015.
The company intends to use the funds to continue to expand into more international markets, for product innovation and retail footprint.
Led by John Foley, founder and CEO, Peloton brings live and on-demand boutique-style studio classes to home. Fitness content, taught by a roster of elite instructors, features real-time motivation and curated playlists of favorite artists. The experience can be accessed through the Peloton Bike, the Peloton Tread, or Peloton Digital, an iOS app that offers an all-access pass to a full slate of fitness offerings.
The company has a growing number of retail showrooms across the US and, starting this fall, will launch in the UK and Canada. It plans to open at least 20 new retail showrooms in the US, UK and Canada by early 2019, bringing its total number of locations to more than 60 worldwide.
The company also announced plans to open a 25,000+ square foot campus in Plano, TX, which will serve as its member support hub, and Peloton Studios, a 35,000+ square foot studio complex at Brookfield’s Manhattan West development in New York City.