NEW YORK--(BUSINESS WIRE)--Peloton, the technology company revolutionizing the fitness industry through its indoor cycling bike and studio content, announced that it has closed a $325 million series E financing round. The round was led by Wellington Management, Fidelity Investments, Kleiner Perkins, and True Ventures. Other significant investors in this round included Comcast NBCUniversal, GGV Capital, Balyasny, and QuestMark.
“We are changing the way people engage in fitness. This financing will allow us to expand our product and content offerings, open new showrooms across the country, and continue to innovate the experience we offer our members at every touchpoint,” said Peloton Founder and CEO John Foley.
“Peloton is supporting especially broad subscriber engagement and growth. We believe Peloton is the leader in a new business that has significant potential – Physical Interactive Media,” said Mary Meeker, Partner at Kleiner Perkins.
This news marks the latest milestone for Peloton, who earlier this year was named by Crain’s as the fastest growing company in New York. Over the past year, Peloton nearly tripled its annual revenue, grew its subscriber base over three-fold, and expanded from 14 to 20 showrooms around the country. As a result, investors like True Ventures are even more confident in Peloton’s ability to scale and become the undisputed leader in fitness.
“Since first meeting John Foley in 2012, we've been big believers in him and his vision for how Peloton shapes the future of media and fitness,” said Jon Callaghan, co-founder of True Ventures. “Peloton is a cultural phenomenon and has redefined what it means to build a connected experience disrupting multiple industries simultaneously: in home fitness, boutique class fitness and connected media devices. It’s incredibly fun to work with this exceptional team.”
In addition to Peloton's award winning indoor cycling bike for home use, the company recently introduced a commercial-grade bike that is tailor made for high-traffic environments and equipped with software designed to quickly onboard new users. And in April, Peloton announced an industry-first partnership with Westin Hotels and Resorts, and its commercial bike is already in over 30 Westin properties around the country.
J.P. Morgan served as the sole placement agent for this offering, which contained both primary and secondary funds.
Founded in 2012, Peloton is revolutionizing the fitness industry by merging high-design with modern technology to provide access to live and on-demand fitness group classes led by elite NYC instructors. With instant access to classes, performance tracking metrics and a motivating real-time leaderboard, Peloton is changing the way people get fit through a comprehensive and socially connected-experience that makes every workout both efficient and addicting. By merging hardware, software, and content, Peloton creates the most unique, efficient and addicting workout experience on the market. Peloton is sold online and in their growing number of showrooms across the country. For more information, visit www.pelotoncycle.com.
About Kleiner Perkins
Kleiner Perkins Caufield & Byers (KPCB) partners with the brightest entrepreneurs to turn disruptive ideas into world-changing businesses. The firm has helped build pioneering companies like Amazon, Electronic Arts, Genentech, Google, Nest, Netscape, and Twitter. KPCB offers entrepreneurs years of operating experience, puts them at the center of a vast and influential network, and accelerates their success through expertise and support in recruiting, product design and delivery, business development, strategic partnerships, and brand building. KPCB invests in all stages from seed and incubation to growth companies and operates from offices in Menlo Park, San Francisco, Shanghai, and Beijing. For more information, visit https://www.kpcb.com and follow us @kpcb.
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With five core funds and capital under management in excess of $1.4 billion, True provides seed and Series A funding to the most talented entrepreneurs in today’s fastest growing markets. With a mission to make the world a better place for entrepreneurs, True encourages each founder’s vision and has built resources to empower the employees, families and communities of its portfolio companies. The firm maintains a strong founder community and offers innovative educational opportunities to its portfolio, helping entrepreneurs achieve higher levels of success and impact. With more than 200 companies funded and multiple companies acquired, the current True portfolio has helped create over 8,500 jobs. To learn more about True Ventures, visit www.trueventures.com.