Peloton Secures $325 Million
Consumer exercise company Peloton announced the completion of $325 million in Series E financing. Eight investors participated in the round: Wellington Management Company, Fidelity Management and Research Company, Kleiner Perkins Caufield and Byers, True Ventures, Comcast Ventures, GGV Capital, Balyasny Asset Management, and QuestMark Partners.
Peloton aims to change the way people workout at home by offering a designer indoor cycle and interactive live and on-demand classes. The company’s signature product is a high-end stationary bike with a video screen that connects users to live or recorded classes in exercise studios. The remote classes can simulate, as Peloton founder and CEO John Foley put it in a Fast Company interview, biking with “400 people in that class with you worldwide.”
The company said the financing will be used to expand its product and content offerings, open new showrooms across the country, and continue to innovate its members’ exercise experience.