iFit Secures $200 Million in Growth Equity Funding to Expand Interactive Fitness Platform

VCBeat (WeChat ID: vcbeat) learned from Business Wire that on December 11, 2019, iFit, a connected fitness streaming platform, announced the completion of a $200 million growth equity financing round. The round was led by Pamplona Capital Management (Pamplona). The proceeds will be used to accelerate iFit’s next phase of growth in the connected fitness sector.

iFit is a subsidiary of ICON Health & Fitness (ICON). As a global leader in the fitness market, ICON is the parent company of brands including iFit, NordicTrack, ProForm, and Freemotion. Headquartered in Logan, Utah, USA, this 42-year-old company holds more than 275 fitness-related patents, with 138 additional patents pending.

ICON’s portfolio of fitness brands features product lines across various price points, including treadmills, bicycles, ellipticals, rowers, and strength equipment. It maintains direct-to-consumer retail distribution channels at over 1,500 locations, allowing customers to purchase connected devices in person. Currently, iFit is available on NordicTrack treadmills, incline trainers, rowers, cycles, and strength equipment.

iFit boasts over 100 world-class fitness coaches, including Olympic athletes, professional sportsmen, and biomechanics experts. The iFit platform creates personalized plans based on users' individual profiles and fitness goals, with guidance provided by these coaches. The platform features an extensive fitness library, offering users a choice of more than 1,500 workout options.

iFit’s proprietary streaming technology enables multi-dimensional interaction among users, iFit trainers, and smart fitness equipment. Trainers from around the world film content on the iFit platform, which is then synchronized for user access. Users can adjust the speed, incline, decline, and resistance of their iFit-enabled fitness devices. Content available on all machines includes interactive Studio classes, global workouts, cross-training sessions, and Google Maps-based workouts. Currently, the platform offers versions in English, Chinese, Spanish, and French, with plans to add more language options in 2020.

Scott Watterson, Founder, Chairman, and CEO of ICON, stated, “This financing will further accelerate iFit’s growth as an interactive fitness platform in the connected home and club fitness industries. We will significantly enhance consumer awareness, expand the world’s most extensive library of interactive fitness content, and continue to invest in innovative products and technologies that truly improve the customer fitness experience.”

Watterson added, “We currently have 330,000 paid members and are poised for rapid growth on this foundation. In the last quarter alone, we added more than 77,000 new iFit paid subscribers, demonstrating strong consumer interest in our product lineup and the iFit experience. We are focused on bringing iFit’s outstanding interactive fitness experience to more consumers and expanding our product portfolio as much as possible. The capital raise has accelerated our progress toward achieving this mission.”

(Compiled by Jiang Ying)