The financial terms of the deal was not disclosed.
The company will use the proceeds to continue to expand operations.
Founded in 2004 and led by Mark Fisher, CEO, CycleBar provides over half a million riders across the country with high-energy, indoor group cycling classes. Facilities are equipped with custom bikes, lighting and sound systems, concierge-level services, and amenities to provide riders of all ages and fitness levels with an immersive fitness experience. Rides are enhanced with CycleBeats, CycleBar’s proprietary, online database that allows them to browse and access class music at any time, and CycleStats, the company’s fitness monitoring system that helps riders track progress by measuring class performance in terms heart rate, calories burned, raw power in motion (RPM).
The company is on pace to have 150 studios open to riders in 2017 with over 200 additional locations in development.