Hydrow

Hydrow is a connected rower designed to simulate the experience of rowing on water while indoors and at home. The device is equipped with a screen that plays outdoor rowing workouts for users to perform. The rower uses a patented drag mechanism that is electromagnetic and computer-operated. A unique feature of Hydrow compared to the conventional indoor rowers is that its strokes are smooth and silent, which caters to urban living. Hydrow offers rowers under two models; its original rower that starts at USD 2,495 and “Hydrow Wave,” a low-cost compact model that retails at prices starting from USD 1,495. The prices go upward depending on added equipment such as workout mats, heart rate monitors, foam rollers, resistance bands, and headphones.

In addition to the rower, users can access live classes and a library of on-demand videos (both rowing and other exercises such as yoga) for a USD 38 monthly subscription. Hydrow also features a leaderboard to promote competitions within the community. The company has retail locations in the US and the UK. 

Key customers and partnerships

Hydrow reported having more than 200,000 users as of March 2022. It also has partnerships with several organizations such as schools, clubs, resorts, residences, and gyms to supply its equipment.

Funding and financials

Hydrow achieved 3x year-over-year (YoY) revenue growth in 2021.

In March 2022, Hydrow raised USD 55 million in Series D funding led by Constitution Capital. It planned to utilise the funding for further product development, to expand reach globally, improve brand awareness, and scale production to meet growing demand. Previously in September 2021, the company raised an undisclosed amount, from celebrity investors. In August 2021, it was also reported that Hydrow was in talks to go public via a merger with the special-purpose acquisition company (SPAC). The deal could have valued the combined entity at more than USD 1 billion, though the terms had not been finalised. Reportedly, the SPAC is also in talks with investors to raise private investment in public equity (PIPE).