<div>
  <p>
    Disruptors experienced a surge in equipment sales:
  </p>
  <ul>
    <li>
      <p>
        <b>Peloton </b>
        reported a three-fold increase in sales and a 136.9% year-over-year (YoY) growth in connected fitness subscribers, reaching 1.3 million as of September 2020. Average workouts per connected fitness subscriber also increased to 20.7 times per month, up from 11.7 a year earlier.
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        <b>Echelon</b>
         reported a tenfold growth in sales and a 40% increase in app-class attendance in March 2020 compared to pre Covid-19.
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        <b>Tonal</b>
         announced sales had tripled since the nation-wide Covid-19 related lockdown.
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        <b>Hydrow </b>
        announced a fivefold increase in growth in monthly orders during the Covid-19 related lockdown.
      </p>
    </li>
  </ul>
  <p>
    Detrimental effects from Covid-19 restrictions:
  </p>
  <ul>
    <li>
      <p>
        <b>Mirror</b>
        ,
        <b> FightCamp</b>
         and 
        <b>Peloton</b>
         had to suspend or limit home deliveries and equipment in March 2020.
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        In November 2020, 
        <b>Peloton</b>
         announced supply constraints resulting in delayed deliveries for the foreseeable future despite an increase in factory capacity.
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        <b>Tonal, FightCamp, Mirror </b>
        and
        <b> Peloton</b>
         temporarily halted production and broadcast of live classes during the March-April 2020 period.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


COVID19-IMPACT

<p>Peloton leads the new at-home exercise trend with Tonal featured as the next-highest funded disruptor. Both startups have capitalized on building mega libraries of on-demand workout videos, as well as on offering some form of live-streaming of classes. The leaderboard feature is available in most of the programs to motivate users to compete and stay invested in the equipment. Peloton led the industry in funding, having raised USD 1.9 billion, well ahead of Tonal—which is second highest with USD 450 million raised as of August 2021. The disruptor with the third highest level of funding is Fiture, a Chinese startup that has announced tentative plans to enter the US market.</p><p>Most of the disruptors identified have commercialized products and are now in either early or growth stages. Several prominent players such as Peloton, Echelon Fitness, and Volava cater to multiple product segments identified within the industry.</p> 

<p>Most startups seem to understand the importance of having a variety of exercise equipment addressing different user needs. Peloton, which initially launched an exercise bike, later launched a treadmill. Similarly, other disruptors such as Volava and Echelon and incumbents such as NordicTrack and Life Fitness have expanded their product range from their initial launches. Some startups in the industry have focused on producing smart mirrors that are powered by machine learning and motion tracking which are versatile in supporting multiple workout routines. These new products are yet to be developed by the incumbents in the industry.</p>

<div>
  <p>
    Echelon produces connected fitness products including bikes, smart mirrors, rowers and treadmills. It also offers own-branded fitness gear manufactured in partnership with Fit for Life. Its Echelon Fit app provides on-demand and live classes including spin, yoga, pilates, and cardio—which are produced in countries in the US, Canada, Germany, and France—for a monthly subscription. As of November 2020, Echelon reported more than 200,000 active users. Its products are available in the US, Canada, Mexico, the UK, Germany, France, Australia, and Iceland. 
  </p>
  <p>
    Echelon equipment includes:
  </p>
  <p>
    Connect Bike: At-home exercise bikes with on-demand and live-stream classes available at prices ranging from USD 840-USD 1,640; 
  </p>
  <p>
    Reflect: Screen-only smart mirrors with on-demand and live-stream classes sold at prices ranging from USD 1,040–USD 1,640; 
  </p>
  <p>
    Smart Rower: At-home exercise rowers with on-demand and live-stream classes available for prices ranging from USD 1,040–USD 1,640; 
  </p>
  <p>
    Echelon Stride: A compact foldable treadmill with connected features available for USD 1,340. 
  </p>
  <p>
    In addition, the company launched its “Echelon Sport-s Connected Bike” exclusively for Sam’s Club, a membership-only retail warehouse club owned by Walmart, for USD 799 in March 2021. These bikes, rowers, and mirrors are priced around 30% lower than Echelon’s competitors while the treadmill is offered at an even steeper 50% discount to rival products.
  </p>
  <p>
    The company launched a fully-licensed music offering with MediaNet, a music distribution and rights management platform, in November 2020, enabling Echelon to curate custom playlists. The company also signed a multi-year agreement with celebrity/entrepreneur Pitbull in June 2021. Pitbull will have a dedicated channel on Echelon Fit app, help design a co-branded bike, release a dedicated song for the brand, and take on an advisory role in the company in relation to content rights and deals. It also gives the company exclusive access to his music catalog within the fitness industry.
  </p>
  <p>
    In April 2021, Echelon raised an undisclosed amount of funds from Goldman Sachs Growth, North Castle Partners, United Talent Agency (UTA), and several other angel investors. The company plans to use the funds to form new partnerships, create new content, expand the team, and continue its product innovation.
  </p>
</div>


Echelon Fitness

<div>
  <p>
    Interactive Fitness launched the Expresso Fitness interactive bike with gamification features after acquiring the company in November 2009. In addition to its main Expresso bikes, Interactive Fitness also offers “CyberCycle,” launched in April 2012, which is a stationary bike with interactive and gamification features designed for older adults; and “Capti,” launched in October 2021, targeting home users.
  </p>
  <p>
    <b>Expresso bikes</b>
     are equipped with a 26.5-inch HD touchscreen, steering handlebars to turn while embedded magnetic resistance aims to simulate the real environment while riding. The bikes come in two models: “Expresso Go Recumbent” (USD 4,199), and the compact “Expresso Go Upright” (USD 3,999). Today, Expresso operates in both a partner-driven business-to-business (B2B) model, which predominantly targets residential buildings (ex: apartments and condos), corporates, and colleges, as well as a re-emerging business-to-consumer (B2C) model.
  </p>
  <p>
    <b>Capti bikes</b>
     feature a 24-inch touchscreen, terrain adaptive resistance (automatically adjusts to the grade in the game), and the patent-pending “Smart Ride” technology, which facilitates road bike experience with dynamic steering and a studio bike experience with locked handlebars and fixed pedals. The unit retails at USD 3,495, with plans to start shipping by December 2021. The bikes are priced somewhat higher than peers such as Peloton and Volava (USD 1,495–2,495) as well as direct rival Playpulse who also offers a game-led bike (USD 1,999).
  </p>
  <p>
    Users can also access its game-led regularly updated content library, which includes 50 maps, 20,000 feet of elevation, and 350+ miles of graphics as of October 2021. In addition, it also offers other workouts such as virtual cycling, high-intensity interval training (HIIT) games, heart rate training, and studio cycling classes. Capti users can access the content for a monthly subscription fee of USD 34 (up to 10 users). However, subscriptions pertaining to Expresso bikes are not disclosed.
  </p>
</div>


Interactive Fitness

<div>
  <p>
    Volava offers a range of connected at-home fitness devices that include a bike, a treadmill, and a heavy bag. Unique to Volava, all the devices are equipped with a leaderboard on the screen that allows users to compete with the community. All its devices offer access to on-demand and live classes. 
  </p>
  <p>
    In Feberuary 2021, Volava raised EUR 2 million (USD 2.4 million) in seed funding from Inveready, JME Ventures, and Wayra. The company intends to utilize the funds for continued business growth and expand its operations in national and international markets.
  </p>
</div>


VOLAVA

Bike

<div>
  <p>
    Peloton offers connected bikes and treadmills. The company went public in September 2019, raising USD 1.2 billion at its IPO at a valuation of around USD 8 billion. Peloton offers two models of bikes; “Peloton Bike” (priced at USD 1,895) and “Bike+” (USD 2,495). Bike+ is equipped with a larger touchscreen and a high-fidelity sound system. Peloton’s running treadmill offerings include “Tread+” (USD 4,295) and a more compact version called “Tread” (launched in early 2021 at USD 2,495). Peloton ventured overseas, launching its products in the UK and Canada in 2018,  Germany in 2019, and Australia (only the bike models) in July 2021. As of December 2020, Peloton operated close to 100 retail stores in the US and around 40 more globally.
  </p>
  <p>
    Peloton’s all-access membership for its fitness products (USD 39 per month) includes instructor-led live and on-demand classes, scheduled workouts, scenic rides and runs, access to leaderboards, real-time performance tracking, and game-based workouts (available for bikes, with the beta launch planned for late 2021). It also offers an app-only membership with limited features for USD 12.99 a month, or less for some subscribers, including students and healthcare workers. As of June 2021, Peloton had 5.9 million total subscribers, including digital-only customers, and a total of 2.3 million connected fitness subscribers. Peloton also offers a corporate wellness program dubbed “Peloton Corporate Wellness” to include corporate users, in addition to home users, and its subscribers include UnitedHealth, Samsung, SAP, Wayfair and Accenture Interactive. Peloton’s FY2021 (FY ending in June) revenue doubled year-over-year (YoY) to USD 4.0 billion, with the fitness equipment sales accounting for 78% of revenue while subscriptions accounted for the remainder. Revenue growth was driven by the strong demand for its fitness equipment amid the Covid-19 pandemic. The company reported an adjusted EBITDA margin of 6.3% for the year. 
  </p>
  <p>
    In December 2020, Peloton acquired the fitness equipment company Precor (deal finalized in April 2021) to gain US manufacturing capabilities and improve research and development (R&D), aiming to release a broader portfolio of products. In March 2021, the company also confirmed the acquisitions of Otari (reportedly acquired in late 2020), a developer of interactive workout mats with screens; Atlas Wearables (acquired in November 2020), a developer of fitness-oriented smartwatches; Aiqudo (acquired in February 2021), a developer of artificial intelligence (AI)-powered digital voice assistant systems; and intellectual property from Peerfit, a digital health company (in November 2020). In line with the acquisitions, in June 2021, it was reported that the company is working on releasing a heart rate monitoring armband to track the intensity of workouts. The device is said to be available in two sizes and would connect to Peloton’s bikes, treadmills, and its fitness apps.
    In May 2021, Peloton announced plans to build the first of its own manufacturing facilities in the US, in Troy Township, Ohio, investing USD 400 million. The facility’s construction is set to commence in mid-2021, with commercial operations expected to begin by 2023. As of May 2021, the company has been manufacturing fitness equipment in third-party facilities in Asia. Peloton intends to commence production in the US by the end of 2021 through manufacturing factories owned by its subsidiary, Precor, located in North Carolina and Washington.
  </p>
  <p>
    The company has faced several lawsuits and safety issues in recent years. In February 2020, Peloton settled a lawsuit filed for using copyright-protected music. Upon settling, Peloton partnered with music publishers and artists to add tracks to its music library. In May 2021, it recalled its treadmills and halted treadmill sales in the US following safety concerns highlighted by US authorities, which also resulted in  lawsuits filed on behalf of its investors. However, Peloton announced fixes and re-launched the Tread treadmill in late 2021. 
  </p>
</div>


Peloton

Companies that offer connected/interactive stationary exercise bikes, along with an attached display or mobile app offering live and on-demand classes and workouts.

<div>
  <p>
    Norwegian startup Playpulse develops a connected exercise bike dubbed “Playpulse One” with gamification features aimed at making working out fun. The unit comes equipped with a 24-inch full HD touchscreen, high precision pedal sensor, and handlebar game controllers. The company initially tested and offered the product to gyms (B2B), but later expanded to include households (B2C) amid the rising demand for fitness equipment among households due to the Covid-19 pandemic.
  </p>
  <p>
    Playpulse One is priced at USD 1,999, and for a monthly subscription of USD 20 users can access its content library and games. The bike is priced at a discounted rate, compared to its peer Interactive Fitness’s Expresso bikes that also come with gamification features and are priced between USD 3,999 and USD 4,199. Playpulse One is available for pre-order as of September 2021, and the company plans to ship the units by August 2022.
  </p>
  <p>
    In September 2021, Playpulse raised USD 2 million in a seed funding round from investors including Courtside VC, Initial Capital, and several angel investors. The company intends to use the funds toward finalizing the product offering (including design and performance), enhancing its content library and games through partnerships, and expanding the team.
  </p>
</div>


Playpulse

Treadmill

Companies that offer connected/interactive treadmills, along with an attached display or mobile app offering live and on-demand classes and workouts.

<div>
  <p>
    Treadly offers treadmills with smart connected features and a compact foldable design. Its second generation treadmill, “Treadly 2”, is 3.7 feet tall and equipped with a smart-control handrail system, built-in display, and a built-in Bluetooth speaker. Treadly’s app also connects to the Treadly Community which offers training and live workout videos and interactive challenges created by the users. 
  </p>
  <p>
    The Treadly 2 comes in two models: “Treadly 2 Basic”, which can be controlled via  remote control or through the Treadly mobile app (USD 849), and the  “Treadly 2 Pro” which comes with additional smart connectivity features and can be controlled via Bluetooth (USD 949). The products are priced at a significant discount compared to its competitors such as Peloton—possibly due to its smaller and compact design. The product is available for sale in the US only.
  </p>
</div>


Treadly

<div>
  <p>
    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. The company prices the rower at USD 2,295, positioning the equipment at a premium compared to other interactive rowers such as Echelon’s Row/Row-s, City Row, and Ergatta (USD 1,000–USD 2,200). The Hydrow rower with added machine and workout mats, heart rate monitors, foam rollers, resistance bands, and headphones are also available in three packages branded “Hydrow Essentials Package,” “Hydrow Launch Package,” and “Hydrow Works Package,” with prices varying based on added equipment (USD 2,425–USD 2,695).
  </p>
  <p>
    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 USA and the UK, and has partnerships with schools, clubs, resorts, residences, and gyms. The startup recorded a 500% YoY increase in its rower sales in 2020 and is reportedly witnessing continued strong demand in 2021.
  </p>
  <p>
    In September 2021, Hydrow raised nearly USD 200 million in financing from investors including celebrities Lizzo and Justin Timberlake, to meet the anticipated holiday-season demand, expand into international markets, and create more live and on-demand workout content for its users. The company also reported that it was in talks to go public via a merger with the special purpose acquisition company (SPAC) Sandbridge X2 Corp in August 2021. The deal could value the combined entity at more than USD 1 billion, though the terms had not been finalized. Reportedly, the SPAC is also in talks with investors to raise private investment in public equity (PIPE).
  </p>
</div>


Hydrow

<div>
  <p>
    Ergatta is an indoor rower that features personalized challenges and competitive games to deliver a full-body workout at home. The device features Ergatta connected users allowing for virtual head-to-head races. Ergatta was available for pre-order starting in January 2020 and began shipping orders in March 2020. The rowing machine is priced at USD 2,199, on par with other similar products offered by Aviron Interactive and Hydrow. The company charges a monthly subscription of USD 29 for its content library. As of February 2021, the company reported USD 2.5 million in monthly recurring revenue. Ergatta reportedly had around 10,000 active users as of April 2021. At the time, the company revealed plans to grow its memberships by 2-3x with a high retention rate target over the next six months. 
  </p>
  <p>
    In April 2021, Ergatta raised USD 30 million in a Series A funding round at a valuation of USD 200 million, bringing total funds raised to date up to USD 35 million. The round was led by Advance Venture Partners, with participation from Greycroft, Fifth Wall, Gaingels, and Hans Tung (GGV Capital). The money will help Ergatta expand its team, continue research and development (R&D) of its gamified offerings, and scale its supply chain to meet rising demand.
  </p>
</div>


Ergatta

<div>
  <p>
    CityRow uses water rowers with attached screens to play on-demand classes as well as game-based workout programs. Its mobile app, “City Row Go,” was introduced in 2018 as a platform to share on-demand classes, extending CityRow gyms, workouts, and programming to the masses. CityRow offers connected rowing equipment under two models, “CityRow Go Max” and “CityRow Go Classic,” available for USD 2,195 and USD 1,495, respectively. The products are priced on par with competitors such as Hydrow, Ergatta, Echelon, and Aviron (prices range between USD 1,040–USD 2,299). CityRow Go Max is equipped with a built-in, 19.5-inch sweat-resistant touchscreen with speakers and Bluetooth compatibility, while the CityRow Go Classic model features a Bluetooth-enabled LED-backlit monitor. Users can subscribe to its app for USD 29 monthly or USD 348 annually to access the content library. 
  </p>
  <p>
    In addition, the company also owns and operates rowing-focused boutique fitness studios across the US. Since its inception in 2014, CityRow has expanded to operate 11 such studios as of July 2021.
  </p>
  <p>
    CityRow raised USD 12 million in a Series A funding round led by JW Asset Management, in July 2021. The company intends to primarily use the funds to introduce live streaming classes to its workout content in late 2021. In addition, CityRow also hopes to double the workforce to roughly 28 employees and launch 12 more franchise studios (out of 64 franchises sold) by 2022.
  </p>
</div>


CityRow

Rower

Companies that offer connected/interactive stationary rowing equipment, along with an attached display or mobile app offering live and on-demand classes and workouts.

<div>
  <p>
    Aviron Interactive is a Canadian company that offers a rowing machine with gamification features. The company, founded in 2015, launched its interactive rower in 2017 after two years of design and development. The product comes in two models, “Tough Series Rower” for commercial use and “Impact Series Rower,” a foldable model for home use commercially rolled out in July 2020. Its rowers are equipped with a smart resistance system, a 21.5-inch HD touchscreen display, and a quiet nylon belt. The key differentiating factor for Aviron from most other interactive fitness companies is its software, designed for a connected gaming experience via its built-in display. The software includes six different workout categories, including introductory workouts for amateurs, personalized workouts, and real-time competitions with other users.
  </p>
  <p>
    Aviron predominantly targets the business-to-business (B2B) market, such as hotels and apartment buildings, and has customers such as YMCAs and Gold's Gyms. The machine was launched in the business-to-consumer (B2C) market in July 2020 and has reportedly sold around 1,000 units as of January 2021. The home fitness machine, “Impact Series Rower,” is available for USD 2,299, on par with most competitors, such as Ergatta or Hydrow rower prices. Aviron membership costs USD 29 a month or USD 299 a year, which gives access to its user network, challenges, and other content for home users. The “Tough Series Rower” is priced at USD 2,499 plus a membership fee of USD 499 a year or a lifetime membership for USD 3,499. The company witnessed considerable business growth in Q1 2021, surpassing revenue reported in full-year 2020, and doubling the number of users.
  </p>
  <p>
    In August 2021, Aviron raised USD 4.5 million in funding for continued business growth, to meet the rising demand, and to further develop its gamified workout content.
  </p>
</div>


Aviron Interactive

<div>
  <p>
    Tonal introduced a smart home exercise system, which comprises a large screen with two mechanical arms on the sides that allow users to perform weight-based strength exercises such as deadlifts, bench presses, and squats. Besides strength training, users can use Tonal to take up other classes like yoga, cardio, high-intensity interval training (HIIT), either live or on demand. The device can generate resistance equal to a weight of 200 lbs, allowing users to still train effectively without compromising on the weight. Tonal’s AI program permits users to adjust the weight when users need assistance. The patented weight system dynamically changes resistance down to the millisecond and increases or decreases weight according to user performance. To enable these features, the system offers multiple settings, such as Smart Flex (dynamic variable resistance), Eccentric (optimizes time under tension), Chains (steadily increases weight at the top of every move), Spotter (detects fatigue and automatically reduces weight), and Burnout (decreases weight gradually with each set completed). 
  </p>
  <p>
    Tonal is priced at USD 2,995 with on-demand and live classes available for USD 49 per month. This is on par with the NordicTrack Vault, but priced higher than similar weights-included smart mirrors such as Tempo and ProForm Vue (both priced below USD 2,500). In March 2021, Tonal partnered with the department store chain Nordstrom to enhance its physical footprint with mini outlets inside 40 Nordstrom locations across 20 states, bringing its total store count to around 55 stores—up from 15. 
  </p>
  <p>
    Tonal witnessed an 800% year-over-year (YoY) increase in sales in 2020, resulting in delivery lags of 10–12 weeks. The company is reportedly addressing the issue by ramping up production, recruiting new employees, and air-shipping the equipment.
  </p>
  <p>
    In March 2021, the company raised USD 250 million in a Series E funding round at a valuation of USD 1.6 billion, achieving unicorn status. Participants in the round included Dragoneer, Cobalt Capital, L Catterton, Sapphire Ventures, and several athlete investors. The new funds will be used for marketing, to expand its fitness classes, and to scale the business further to cater to the rising demand. The company also hinted at a potential IPO, but a specific timeline and additional details were not disclosed at the time of the funding round. Tonal also has 30+ athlete investors and brand ambassadors, including LeBron James, Serena Williams, Stephen Curry, Klay Thompson, Tony Gonzalez, Drew Brees, and Maria Sharapova (as of October 2021).
  </p>
</div>


Tonal

<div>
  <p>
    Fiture is a Chinese developer of an AI-powered smart mirror with interactive classes and customized training programs. In addition to its primary product, the company also sells other accessories such as yoga mats, yoga bricks, and elastic ring suits. The mirror includes a 43-inch screen to display workout content including yoga, high-intensity interval training (HIIT), Pilates, and aerobic dancing. Fiture offers more than 5,000 fitness courses and is customizable for children, adults, and senior citizens.
  </p>
  <p>
    Fiture markets towards mall gyms and hotels as well as individual home users. For individuals, the premium version of the mirror with a 4K UHD screen is available for CNY 7,000 (USD 1,080), and the more compact ultimate series with an FHD screen for CNY 4,800 (USD 740). The product is priced below comparable screen-only fitness mirrors such as Forme Life Studio, NordicTrack Valut, Mirror, and VAHA which range between USD 1,400 - 2,700.
  </p>
  <p>
    The company operates more than 10 stores in China including locations in Shanghai, Beijing, and Chengdu. As of August 2021, the company has monopoly status over China’s fitness mirror industry, with plans to expand the reach to include the US and Europe in the future.
  </p>
  <p>
    In April 2021, Fiture raised USD 300 million in a Series B funding round led by All-Star Fund, Legend Capital, DST Global, and Sequoia China, at a post-money valuation of more than USD 1 billion—reportedly the fastest fitness tech company to reach unicorn status. The company earmarked the funding for market expansion, producing more workout content, and offering free trials nationwide.
  </p>
</div>


Fiture

<div>
  <p>
    Tempo is a startup that develops fitness devices that assist in strength training and other exercises. Originally founded as Pivot in 2015, the company was later renamed Tempo. Prior to the introduction of Tempo, the company launched SmartSpot in 2015 to focus on power gyms. SmartSpot was a predecessor to Tempo with a similar motion-tracking application to correct the form and technique in strength training. Similar to SmartSpot, Tempo is equipped with a large screen that has built-in 3D motion sensors and artificial intelligence (AI) to capture movement patterns and range and make suggestions in a manner similar to that of a human trainer.  Tempo devices can also be integrated with Apple Watch. Besides the device, Tempo also includes a kettlebell system, a barbell, and two dumbbells that can be adjusted in weight. Its devices are available in three packages: Tempo “Starter,” “Plus,” and “Pro,” with varying prices that range between USD 2,495–USD 3,995 based on added weights and equipment. The products are priced on par with other weights-included mirror devices such as  NordicTrack “Vault,” FORME Life’s “Studio Lift,” Tonal, and iFIT’s “ProForm Vue” (prices range between USD 1,495–USD 4,495). Besides strength training, users can also take HIIT and mobility classes on-demand or live, available for USD 39 per month. Tempo reported 10x sales growth and zero subscriber churn in 2020.
  </p>
  <p>
    In April 2021, the company raised USD 220 million in a Series C funding round led by Softbank Vision Fund 2, bringing the total raised almost USD 300 million to date. Tempo will use the new capital for the continued enhancement of its AI and 3D sensor technology.
  </p>
</div>


Tempo

Smart Mirror

Companies that offer connected/interactive mirror devices with video playback and/or touchscreen features. Some devices include additional equipment and allow users to connect the smart mirror with existing equipment (ex: bikes and treadmills) to display live and on-demand workouts and other performance measures.

<div>
  <p>
    Carbon Trainer offers a 4K LCD touch screen display with built-in sensors and accessories. Carbon Trainer is powered by AI and motion capture, which enables the system to track form and techniques as well as count reps. Carbon Trainer facilitates resistance training, conditioning- HIIT, strength training, bodyweight training, mobility, stretching, and yoga. Users have the option of using weights from Carbon that are equipped with built-in sensors or attaching sensors provided by Carbon on regular weights for them to be compatible with the system. Carbon Trainer with a wall mount is available for USD 2,295, whereas the version with the aluminum stand is sold for USD 2,455. Both include a six-pack of smart sensors and two resistance bands. For USD 39 per month, users can gain access to live and on-demand classes. 
  </p>
</div>


Carbon Trainer

<div>
  <p>
    Studio offers a smart mirror that allows users to connect it with existing home workout equipment without having to purchase new equipment altogether. The system comprises a 43-inch vertical screen enabling users to follow along with training sessions available live and on demand. The screen also displays stats and other connected device data such as treadmill speed, a bike’s cadence, heart rate, and other metrics. Studio connects with other devices via Bluetooth and sensors.
  </p>
  <p>
    The Studio hardware is priced at USD 999 and is expected to start shipping in November 2020. In addition, the system requires a monthly subscription fee of USD 39, with which users can access classes for a variety of workouts, including treadmill, cycling, strength, rowing, boxing, yoga, etc.
  </p>
</div>


Studio

<div>
  <p>
    FORME Life has introduced a home exercise system that comprises a screen and two mechanical arms on the side for strength training, called the "Studio Lift.” The device is a close competition to Tonal. The company has also introduced another screen-only option with similar features to competitor Mirror- called the "Studio.” FORME Life screens are equipped with two stereoscopic cameras enabled with motion capture technology to guide the form and the technique of users. The two mechanical arms can create a resistance up to 150 lbs, and the operating system powered by machine learning and AI is capable of "spotting" and assisting users when weight training (by adjusting the resistance automatically). 
  </p>
  <p>
    FORME Life opened 11 retail locations across the US, with a flagship store in Westfield World Trade Center mall, New York in November 2020. The Studio, priced at USD 2,495 plus a membership fee of USD 39 per month, is scheduled to ship within 12–14 weeks. The Studio Lift is priced at USD 4,495, including delivery and installation, plus the membership fee. The company plans to deliver orders in the spring of 2021. Its products have been available for pre-order since May 2020. 
  </p>
  <p>
    FORME Life was co-founded and designed by Yves Behar, a renowned designer with clients such as Herman Miller, Movado, and Samsung. 
  </p>
</div>


FORME Life

<div>
  <p>
    VAHA offers a smart screen-only mirror device dubbed “VAHA X” that provides live on-demand classes, one-on-one personal training, and other workouts. The device comes with a wall bracket and floor stand and features a 43-inch touchscreen display, camera, speaker, and microphone to facilitate communication between users and trainers. The VAHA starter box offered along with the mirror includes a heart rate monitor and resistance bands. The company is in the process of developing motion tracking as well, as reported in April 2021. VAHA targets to reach 10,000 users by the end of 2021, from “thousands” reported in April 2021.
  </p>
  <p>
    Germany-based VAHA only offers its product in Germany, Austria, and the UK. It retails at EUR 2,268 in Germany and Austria, and at GPB 1,950 in the UK (USD 2,700). The company also offers a more compact version of the device with the same functionality, dubbed “VAHA S,” available exclusively in the UK for GBP 1,150 (USD 1,600). Users can access training classes and other content for a subscription fee of EUR 39/GBP 39 (USD 47) per month. The VAHA X device is priced higher than similar screen-only products available in the US, such as Lululemon’s “Mirror,” Echelon’s “Reflect,” FORME Life’s “Studio,” and NordicTrack’s “Vault,'' which retail at prices ranging between USD 1,040–USD 2,495.
  </p>
</div>


VAHA

<div>
  <p>
    Fittar, based in the Netherlands, offers a smart connected mirror with virtual coaching and gamification features. Users can choose from five themes such as warm-up, fitness, virtual boxing, and yoga for a total of more than 1,500 programs. Users can also customize their own training programs. 
  </p>
  <p>
    The mirror includes a 3D camera and a motion recognition system to monitor users during workouts. The mirror connects to its app via QR code scan. Fittar is available in three models: premium, pro and compact, with varying sizes. The premium (65-inch 4k display) and pro models (43-inch full HD display) are mainly pitched towards gyms, while the compact model (32-inch full HD display) targets at-home workouts. 
  </p>
  <p>
    The compact version is available for EUR 1,495 (USD 1,800), or for EUR 2,175 (USD 2,640) with the latter including a 2-year membership. The monthly membership fee is EUR 29.95 (USD 36). The product is priced in line with other screen-only versions, including Lululemon’s “Mirror,” Echelon’s “Reflect,” NordicTrack’s “Vault” and FORME Life’s “Studio” on average (USD 1,700). The Fittar mirror is available in the Netherlands, Belgium, France and Poland.
  </p>
</div>


Fittar

<div>
  <p>
    FightCamp is an interactive punching bag that allows users to take boxing classes at home with both on-demand or live streaming options. Users can interact with trainers using the screen, with custom boxing gloves monitoring each punch. FightCamp is priced at USD 1,219, while a monthly subscription of USD 39 gives access to on-demand classes. The product’s price is relatively higher compared to Fitness Interactive’s punching bag priced at GBP 699 (USD 980), but lower than Liteboxer’s USD 1,495 setup.
  </p>
  <p>
    In June 2021, FightCamp raised USD 90 million in a Series B funding round co-led by New Enterprise Associates (NEA) and Connect Ventures. The company intends to utilize the funds to scale up operations internationally, expand its subscription-based content library, and develop an Android content platform (available on iOS only as of June 2021).
  </p>
</div>


FightCamp

<div>
  <p>
    Liteboxer delivers a smart punching bag with an interactive stand along with a nine-inch screen for personal trainers to provide on-demand instructions. Boxers can connect tablets/phones for workouts and can also mirror content from the Liteboxer to other devices including connected TVs via Google Chromecast. The Liteboxer collects performance data using embedded force sensors that allow the software to tailor workouts to match the traits of each boxer. The built-in screen and floor mat platform differentiate Liteboxer from other interactive punching bag manufacturers. Liteboxer also has a partnership with Universal Music to provide a library of songs while working out. 
  </p>
  <p>
    Liteboxer announced its smart punching bag in July 2020 with sales kicking off in October 2020. The Liteboxer bundle is available at USD 1,495 (or USD 49 per month for 36 months) and includes the punching bag, floor mat platform, gloves, and wraps. The product's price is relatively high compared to other punching bag manufacturers such as Fitness Interactive and FightCamp that offer products at prices ranging from USD 900–USD 1,219. Membership to Liteboxer’s workout software platform is available for an additional USD 29 monthly subscription fee.
  </p>
  <p>
    In June 2021, the company raised USD 20 million in a Series A funding round led by Nimble Ventures to fuel growth, build on its vision of immersing fitness with game dynamics, and improving the sales reach of its product.
  </p>
</div>


Liteboxer

<div>
  <p>
    CLMBR offers a vertical climbing machine that features a large-format touch display with on-demand classes. The device provides a combination of high-intensity cardio and resistance strength training. The patent for the product is pending as of December 2020. Its product comes in two models: “CLMBR Connected,” primarily designed for home use, and “CLMBR Pure,” designed for gyms. CLMBR Connected is equipped with a 21.5-inch touchscreen where users can access on-demand pre-recorded content and challenges for a monthly subscription fee. In addition to its climbing machines, it offers weight accessories by Bala, a provider of weighted bangles and functional fitness accessories (partners in July 2021). The company also incorporates these accessories into its fitness classes, both on and off its fitness equipment, for additional resistance.
  </p>
  <p>
    In October 2020, CLMBR partnered with engineering practice Cooper Perkins to further develop the models. By February 2021, the company had completed field prototype testing and was set to move into full-scale production. CLMBR has registered customer pre-orders since August 2020, with expectations to deliver the product by June–August 2021. The company also has a partnership with b8ta, a retail-as-a-service company with presentation centers for consumer electronics and home goods, to demonstrate its climbing machine prototype in eight b8ta stores across the country (from mid 2021 to early 2022).
  </p>
  <p>
    In October 2020, KBW Ventures, a California-based venture capital firm, invested in CLMBR during its inaugural fundraising round and signaled its intention to bring CLMBR Connected devices to its Four Seasons hotel (KBW is one of the two majority owners) properties worldwide. In December 2020, Wheelhouse, an integrated company for content, talent, brands, entrepreneurs, and investors, invested and announced a partnership with CLMBR to support the marketing of the devices via special events at “Wheelhouses” in New York and Los Angeles in 2021. 
  </p>
  <p>
    In June 2021, the company raised USD 13.5 million in a funding round with participation from 29 investors. The round was initially announced in March 2021. The company intends to utilize the new funds to expand its team to 60 by the end of the year (doubling the headcount), invest in inventory and technology, and open new headquarters in Denver.
  </p>
</div>


CLMBR

<div>
  <p>
    JaxJox introduced an interactive studio that comprises a kettlebell and two dumbbells with adjustable weights. The interactive studio is also equipped with a screen to stream live and on-demand classes. The digital, adjustable kettlebell, called the KettlebellConnect 2.0, has a weight range of 12 lbs to 42 lbs, while each dumbbell, referred to as Dumbbell Connect, has a range of 8 lbs to 50 lbs. The total weight range of JaxJox studio can go up to 142 lbs. 
  </p>
  <p>
    The KettlebellConnect 2.0 and the DumbbellConnect are equipped with a real-time performance tracking that allows the system to capture performance data and send it to the JaxJox mobile user app. The company also uses a proprietary machine learning algorithm to calculate users' fitness IQ, reflecting the overall performance.
  </p>
  <p>
    JaxJox interactive studio was available for pre-order from September 2020 for USD 2,199 with a monthly studio subscription available for USD 39.99. In October 2020, the company raised USD 10 million in Series A Funding from Dowgate Capital Ltd. and entrepreneur Nigel Wray, bringing the total funding to USD 17 million. The funds will be used to release its InteractiveStudio to customers in late 2020 and for global retail expansion. 
  </p>
</div>


JAXJOX

<div>
  <p>
    Katalyst offers the patent-pending “Katalyst Training System,” a fitness system based on electrical muscle stimulation (EMS) technology for strength, power, and cardio training. The system is designed to improve body composition, strength, and endurance and to enhance muscle tone. Its components include a suit (a vest, shorts, arm straps, and arm connectors), an impulse pack control center, and a base layer shirt and short set to be worn underneath the suit. Powered muscle stimulators are also considered a medical device in the US, and the company claims to be the only full-body EMS company cleared by the Food and Drug Administration (FDA) for at-home consumer use.
  </p>
  <p>
    Katalyst App, available on iOS, controls and manages the workouts, allowing users to access on-demand pre-recorded workout content. The device is available for USD 2,385 which includes access to basic workouts. Premium workout content is available for a monthly subscription fee of USD 39. As of July 2021, the product is in limited release, with the official launch yet to be announced. The product is also available in the US only, and the company is in the process of obtaining the necessary approvals to ship internationally as of July 2021.
  </p>
</div>


Katalyst

<div>
  <p>
    OxeFit offers a strength training connected fitness system that uses advanced robotics and artificial intelligence (AI). The company launched its strength training system “XP1” in April 2021. Oxefit targets a range of use cases from optimizing athletes’ performance to injury recovery to personal wellness. OxeFit’s solutions can be used in homes, fitness clubs, and rehabilitation centers. The system, starting at USD 25,000 (significantly higher than Arena Innovation’s portable, robotic resistance training system, available for USD 1,995), is available for preorder for a downpayment of USD 1,000. The product features dynamic variable resistance training with computer-controlled loads up to 500 lbs., force plate technology to identify asymmetries and weight imbalances, motion sensors and machine learning capabilities to detect and track movements, and a 43-inch touchscreen to display training content.
  </p>
  <p>
    The company operates two apps—OxeLead and OxeFit—that work in tandem with the hardware. OxeLead is marketed toward trainers, rehabilitation centers, and sports clubs, while OxeFit is marketed for individuals and families. The OxeFit app subscription costs USD 39.99 a month and includes instructional videos, training programs, multi-user workouts, and competitive leaderboards.
  </p>
  <p>
    In February 2021, the company raised USD 12.5 million in a Series A funding round led by Lydia partners with participation from professional athletes and sports medicine experts. The company intends to use the funds to launch its XP1 and XS1 strength training fitness equipment.
  </p>
</div>


OxeFit

Other

Companies that offer other types of connected/interactive equipment not classified above such as interactive punching bags, aerobic trainers, climbing machines etc. These devices come with an attached display or a mobile app offering live and on-demand classes and workouts.

<div>
  <p>
    Vitruvian Investments is the Australian connected fitness company behind “V-Form Trainer,” a compact slimline carbon fiber platform with a dynamic tension system that allows users to lift weights ranging between 10 - 400 lbs. The device can be paired with its mobile app to track performance and to join workout sessions including custom weight workouts in solo or group environments, and motivational workout classes. As of August 2021, the company operated an assembly plant in Taiwan capable of producing up to 70 - 100 units per month. At the time, the company had around 10 physical store locations including in Australia, New York, Dubai, and Singapore.
  </p>
  <p>
    The V-Form Trainer retails for USD 2,200, and ships worldwide. The introduction of the app is in line with the company’s plans to move to a subscription-based model beginning in October 2021 with a monthly multi-user membership fee of USD 39. Vitruvian plans to focus on pitching the product to the US and Australian markets in 2022. As of August 2021, the company had 600 - 700 users and reported revenue of USD 1.2 million during H1 2021.
  </p>
  <p>
    In June 2021, the company raised USD 6 million from angel investors to ramp up production and bring the second-generation machine—which will be more amenable to mass manufacturing—into production.
  </p>
</div>


Vitruvian Investment

<div>
  <p>
    Arena Innovation offers a mobile smart gym in the form of a portable, connected strength training system designed as a step box that can be controlled via smart devices. The equipment, dubbed  “ARENA unit,” comes with a classic straight bar, single handle grip, tricep rope, and ankle strap and is equipped with sensors to track movements.  It incorporates technologies such as direct drive (to transmit motor power directly without intermediate components), a rapid-charge battery, and an electric motor. Weighing approximately 60 lbs, it is capable of creating resistance of more than 200 lbs. Arena also offers a separate mobile application, available free of charge as of July 2021, allowing users to adjust resistance levels and display its library of self-guided workout content. The programs are created by certified strength and conditioning coaches and trainers who have worked with leading athletes and teams.
  </p>
  <p>
    The product is priced at USD 1,995, significantly lower than OxeFit’s comparatively advanced strength training connected fitness system that starts at USD 25,000. It is available for preorder in the US as of July 2021. Arena plans to expand its footprint to ship globally in the future and introduce subscription-based packages for selected content.
  </p>
  <p>
    In July 2021, Arena raised USD 5.2 million in a seed funding round from investors, including Courtside Ventures, Powerhouse Capital, and Wellness Holding, as well as several angel investors. The company intends to utilize the funds to support the commercial launch of its product, which is at the pilot manufacturing stage as of July 2021.
  </p>
</div>


Arena Innovation

<div>
  <p>
    Frame Fitness develops a digitally connected Pilates reformer — reportedly the first of its kind — and targets at-home users. The unit features a 24.5-inch swivel, sweat-resistant, ultra-HD touchscreen, spring technology, a lightweight and compact wheeled frame, and other accessories such as a weighted bar, a Pilates ball, a Pilates ring, and hand weights. In addition to the equipment, the company also offers instructor-led live and on-demand workouts for cardio-infused Pilates, high-intensity boot camp classes, yoga, and prenatal stretching. The equipment—available for USD 2,999—was opened for pre-orders in October 2021, and the company plans to start shipping in Q1 2022. It offers workout content for a subscription fee of USD 45 a month or USD 500 per annum.
  </p>
  <p>
    In September 2021, Frame Fitness raised USD 5 million in a seed funding round led by fitness industry veterans to bring its product to market.
  </p>
</div>


Frame Fitness

<div>
  <p>
    UK-based Quell produces game-based virtual home workouts and lightweight hardware. The company sells a lightweight gauntlet controller that includes a free version of the “Quell” virtual game. A “Quell+” that features continually updated new workouts, and video game elements is available as a paid monthly subscription . As of December 2020, Quell is working on creating a competitive multiplayer version of the game.
  </p>
  <p>
    The “Full Quell System”, priced at USD 249 (with an introductory pre-order price of USD 219), includes the gauntlet, the basic Quell game, and three-months of access to the Quell+ enhanced game. The company positions itself as a low-cost alternative to the connected bikes and treadmills manufacturer Peloton.
  </p>
  <p>
    In December 2020, the company raised USD 3 million in a seed funding round led by Khosla Ventures and Heartcore Capital. The funding is expected to be used to help launch and ship its product by the end of 2021.
  </p>
</div>


Quell

<div>
  <p>
    BRRRN, founded in 2017, first opened as a cool temperature (50°F) boutique fitness studio in New York City in May 2018. The company entered into the connected fitness space in July 2020 with the launch of its slide board, dubbed “BRRRN Board,” coupled with more than eight categories of on-demand workout videos. The board allows users to stand and move on it and do side-to-side exercises. It comes with a special pair of boots and mittens for users to glide across the board and wipes to keep the board smooth. 
  </p>
  <p>
    The equipment comes in two models, a 5-ft.-long version sold for USD 229, while the other is a 6-ft.-long adjustable version available for USD 299. The product price is relatively low compared to its competitor Omolle’s “MATIV,” an interactive multi-fitness smart mat, which is priced at USD 400. Users can access on-demand workouts, including cardio, weight training, and yoga, from professional trainers for a monthly fee of USD 9.99 or USD 79.99 a year.
  </p>
</div>


BRRRN

<div>
  <p>
    MAXPRO Fitness commercially launched a connected portable cable machine, “SmartConnect,” in January 2020. The device comes with embedded electronics and sensors that integrate with its coaching app via Bluetooth. The company incorporates its proprietary resistance mechanism, “PowerClutch,” into its devices, which allows 50 resistance settings ranging from 5 lbs. to 300 lbs. The cable machine is available for USD 849, with the option for users to bundle it with other MAXPRO equipment, such as its foldable bench and slimline wall track for USD 1,547. Its coaching app permits users to view workout data, progress toward set goals, post workouts, create challenges among users, and access instructor-led live fitness classes.
  </p>
  <p>
    During the five months ended May 2021, the company sold more than 10,000 units in 56 countries, including the US and Canada, translating to more than USD 10 million in revenue.
  </p>
  <p>
    In May 2021, MAXPRO Fitness received an undisclosed amount of funds from former basketball player Shaquille O’Neal. Along with the investment, the company also announced a strategic partnership with the player. The company intends to utilize the funds toward introducing new digital fitness offerings and next-generation hardware.
  </p>
</div>


MAXPRO Fitness

<div>
  <p>
    Omolle, founded in 2018, first operated as a smart gym solutions provider, digitizing gym equipment with Internet of Things (IoT) solutions. However, amid the challenges associated with the Covid-19 pandemic, the company changed its focus and entered the connected fitness space in 2021 with the launch of a patented interactive multi-fitness smart mat. 
  </p>
  <p>
    The product–“MATIV”–comprises a smart mat and wristband, and is capable of determining 300 different exercises such as jumping jacks, squats, lunges, and planks in real-time. The mat is equipped with around 40,000 sensors and artificial intelligence (AI)-based algorithms to track, analyze, and provide feedback while the user follows workout videos on its interactive mobile app. The smart wristband’s sensors track arm movements such as speed and angle. Users can also access a variety of workout content, including high-intensity interval training (HIIT), boot camp, cardio, and pilates on Omolle’s mobile app for a subscription fee of USD 11 per month. The company plans to introduce live workout programs in 2022.
  </p>
  <p>
    The official launch of the product (priced at USD 400) is set to take place in August 2021. As of June 2021, the product is available for preorder on the crowdfunding platform Indiegogo for USD 300 (a 25% discount), with plans to start shipping worldwide by September 2021. MATIV is priced somewhat higher compared to BRRRN, which offers interactive slide boards with on-demand workout videos for prices ranging from USD 229–299.
  </p>
  <p>
    In June 2021, Omolle launched a crowdfunding campaign on Indiegogo, which is expected to continue until mid-June. This follows a USD 204,134 raise in another crowdfunding campaign through Kickstarter.
  </p>
</div>


Omolle

<div>
  <p>
    MoonRun is a portable at-home aerobic trainer, which adopts stationary running to provide cardiovascular training. Unlike on a treadmill, the user has a greater range of motion with less strain on the joints. MoonRun uses elastic webbings and a harness to elevate the user’s body, effectively reducing body weight. A lower body weight will help reduce the stress on knees and feet when running. 
  </p>
  <p>
    The device records the user’s performance with a belt worn on the waist that feeds the data to the MoonRun CONNECT box. The users of MoonRun can run with a virtual coach or take part in virtual races with the community using compatible applications such as ArcadeFitness and Swift. MoonRun is priced at USD 399.
  </p>
</div>


MoonRun

<div>
  <p>
    DribbleUp offers a portfolio of connected equipment including smart basketballs, smart soccer balls, smart medicine balls, and smart boxing gloves. These products are equipped with AI-based tracking technology to track activity and progress. The smart basketball, soccer ball, and medicine ball are available for USD 99.99, while the boxing gloves are sold for USD 149.99.
  </p>
  <p>
    In addition to equipment, the company also provides live and on-demand workout classes including high-intensity interval training (HIIT), skill training, cardio, and strength training via its “DU Live” mobile app, which works across all product categories. In addition, users can access leaderboards and compete with each other via the app. DU Live is available for a monthly subscription fee of USD 9.99.
  </p>
</div>


DribbleUp

<div>
  <p>
    Fitness Interactive, based in Wales, UK, launched its interactive punching bag, called FitBag, in October 2020. The system fits over a Wavemaster XXL punching bag (offered by Century, a supplier of martial arts supplies), which can be purchased either as a part of the package or retrofitted if the clients already own one.
  </p>
  <p>
    The FitBag can measure power, speed, and accuracy of hits, allowing users to compete against themselves or with the users on the leaderboard. Its free mobile application connects to the product via Bluetooth Low Energy (BLE), enabling users to compete. FitBag uses high-intensity interval training programs where the company believes one can burn between 354-558 calories per hour. The complete FitBag fitness system, which includes Wavemaster XXL, Fitbag App (offered for free), and gloves, is available at GBP 699 ( USD 980). The product’s price is relatively low compared to other punching bag manufacturers such as Liteboxer and FightCamp with prices ranging from USD 1,219 - 1,495.
  </p>
</div>


Fitness Interactive

Disruptor Funding History

2014

2015

2016

2017

2018

2019

2020

2021

New products and new technologies are bringing high-end gym workouts to the home.

Connected Fitness

<h3>Traditional players re-innovate to compete</h3><p>The at-home workout space has not seen partnerships between traditional players and new entrants so far. One reason could be the expertise traditional players have and the relatively low technology barriers against matching similar innovations. This has led to most traditional players choosing to develop their own products in-house.</p>

<div>
  <p>
    iFIT Health & Fitness (iFIT) (formerly ICON Health and Fitness), founded in 1977, is the parent of the well-known home and commercial fitness equipment brands NordicTrack, Freemotion, ProForm, and the software platform iFit. Every piece of equipment has a built-in screen that plays on-demand workout videos and trainer-led studio classes from the iFit platform (available for a monthly subscription of USD 39). iFit also offers other workouts that do not require equipment, such as bodyweight exercises and yoga sessions. Its latest iFit ActivePulse, introduced in January 2021, includes a patent-pending heart rate armband with personalized and automatic heart rate training available on all iFit-powered equipment. The company has more than 6.4 million total iFit members and 1.5 million connected fitness subscribers in more than 120 countries as of September 2021.
  </p>
  <p>
    NordicTrack, which manufactures commercial and at-home exercise equipment, has developed its brand of connected fitness equipment that includes treadmills, bikes, ellipticals, strength trainers, rowers, and mirrors. Its key product, treadmill, includes integrated, interactive features allowing trainers to adjust the treadmill’s speed, incline/decline, etc. The price progresses from USD 2,299 to USD 3,799 based on screen sizes; the price includes a year-long iFit membership. Furthermore, NordicTrack introduced its connected fitness mirror, “Vault,” in January 2021, featuring a rotating mirror and a touchscreen powered by iFit. It also opens up to a carbon steel locker to hold other fitness equipment. Vault with the equipment is available for USD 2,999, while the standalone version without the additional equipment is sold for USD 1,999; the price includes a year-long iFit membership. Vault competes directly with fitness mirror producers such as Tempo, Mirror, Forme Life, and Tonal and is priced at a slight premium compared to rivals. Its unique features (ex: the variety of equipment and one-year free membership) might justify the higher prices.
  </p>
  <p>
    ProForm’s portfolio of connected fitness devices includes iFit powered, treadmills, bikes, and smart mirrors. The latest products introduced to the market include a treadmill, bike, and smart mirror (all launched in February 2021). The Freemotion brand also offers treadmills, bikes, and other strength training equipment, all powered by iFit.
  </p>
  <p>
    In July 2021, iFIT acquired two companies; 1) Sweat, an Australian digital fitness app for women’s health and fitness, to operate as a standalone brand to complement iFIT’s operations and help grow its membership base. The companies will work together on fitness content development for an increased range of workouts; and 2) 29029 Everesting, a premium ultra-endurance event and community, to expand its offerings to include outdoor fitness events to its subscribers. iFIT will also provide its connected fitness equipment and workout trainers to 29029 event participants.
  </p>
  <p>
    The company’s last funding round was in October 2020 for a USD 200 million growth investment led by the private equity firm L Catterton to expand its iFit-powered connected fitness product category. Almost a year later (August 2021), iFIT filed for an initial public offering (IPO) to be listed on Nasdaq, to raise USD 646.15 million, targeting a valuation of USD 6.61 billion. However, the planned IPO was postponed in October 2021, citing the volatility of the capital market.
  </p>
</div>


iFIT Health & Fitness

<div>
  <p>
    Life Fitness, a fitness equipment manufacturer founded in 1977, introduced a console that supports on-demand, instructor-led classes streamed by the fitness startup NEO U in 2019. NEO U, based in New York, runs a subscription-based model that streams on-demand and live classes to multiple device platforms, such as Google Play, the App Store, and Fire TV at USD 14.99 per month. In addition, the company also has a partnership with PEAR Sports (since June 2021) to co-create connected fitness content to optimize user engagement. 
  </p>
  <p>
    Life Fitness’s console-attached treadmills are each priced at a relative premium between USD 8,999 and USD 9,199. The console-attached bikes are priced at USD 5,999. In November 2020, the company introduced two rowing machines, one of which (Life Fitness Heat Performance Row) included a separate console to display advanced feedback and gamification options, such as “Race a Distance” or “Race a Friend.” 
  </p>
</div>


Life Fitness

<div>
  <p>
    The Italian fitness company, Technogym offers connected bikes and  treadmills (North America contributed 11% of 2020 revenue). Technogym’s high-end interactive exercise bike launched in August 2019 with a design by renowned Italian architect Antonio Citterio. The bike, priced at USD 11,650, has access to on-demand and live classes from 1Rebel, which streams content from multiple London locations for a monthly subscription of around USD 51 (GBP 39). The Technogym Bike, available in Europe since November 2019 for around EUR 2,450 (USD 3,000) and in Australia since April 2021 for AUD 4,590 (approximately USD 3,500), also offers on-demand and live class content from London-based 1Rebel and Milan-based Revolution. The equipment has not yet been made available in the US. 
  </p>
  <p>
    In January 2021, Technogym launched its “MyRun” connected treadmill with live and on-demand training options. MyRun is designed to fit a tablet from which users can access Technogym’s app with a library of on-demand content including personalized classes from trainers, pre-set virtual paths, training routines, etc. MyRun is available for EUR 3,250 in Europe and for USD 2,980 in the US—a premium over similar products such as Peloton’s “Peloton Tread,” iFIT’s “NordicTrack,” and the Nautilus “Bowflex Treadmill 22,” which range between USD 2,299–USD 2,699. This premium could be offset for consumers as the price includes unlimited access to its technology ecosystem of virtual training services and an on-demand workout content library. 
  </p>
</div>


Technogym

<div>
  <p>
    Nautilus entered the connected fitness space after 30 years in the home exercise business in 2019 with the launch of a connected bike and went on to add connected treadmills and cardio machines to its lineup. 
  </p>
  <p>
    Users can access Nautilus’ library of digital content, featuring trainer-led workout videos and virtual coaching, via its “JRNY” app for a subscription fee. This can also be integrated with other apps such as  “Explore the World” for virtual outdoor routes or “Bowflex Radio” for access to streaming music channels, and even the third-party digital fitness app FitOn for off-equipment workouts (August 2021). The company acquired motion technology startup VAY in September 2021, to enhance JRNY app’s capabilities including vision and motion tracking.
  </p>
  <p>
    The company posted revenue of USD 552.6 million in 2020, up 78.9% year-over-year (YoY), driven by strong demand for cardio products, especially its connected bikes.
  </p>
  <p>
    Bikes: Branded under the Bowflex line, “Bowflex C7,” “Bowflex VeloCore 16,” and “Bowflex VeloCore 22” connected bikes retail at prices ranging between USD 1,200–USD 2,200, with VeloCore models at the higher end. The VeloCore models are equipped with the dual-mode feature which helps replicate the movement of outdoor cycling in addition to the standard stationary mode. All models come preloaded with the JRNY app and feature an integrated high-definition touch screen console to access the content. One other bike model under the Bowflex brand is “Schwinn,” which offers three bikes with access to the “Explore the World” app. The bike models on average are priced in line with competitor products such as Peloton’s Bike/Bike+, iFIT’s NordicTrack, and the higher-end bikes of Echelon’s.
  </p>
  <p>
    Treadmills: Bowflex connected treadmills labeled T7, T10 and T22 are equipped with touchscreen consoles and come preloaded with JRNY. The products retail for between USD 1,599 - USD 2,699 with the T22 model fetching higher prices due to its larger-sized (22-inch) HD touchscreen console. The treadmills on average are priced at the lower end of the range of similar products like the “Peloton Tread” and iFIT’s NordicTrack.
  </p>
  <p>
    Cardio Machines: Bowflex line-up of “Max Trainer” offers cardio machines that support JRNY. Its latest model “Max Trainer M9”, launched in January 2020, retails at USD 1,999 and features a 10-inch HD touchscreen display to access subscription content. The device is priced roughly 40% lower compared to its key competitor iFIT’s “NordicTrack FreeStride Trainer FS14i Elliptical.”
  </p>
</div>


Nautilus

<div>
  <p>
    Lululemon, an athletic apparel retailer based in the US, acquired Mirror for USD 500 million in June 2020. Prior to the acquisition, Lululemon invested USD 1 million in Mirror in mid-2019. Mirror’s USD 1,495 “smart mirror” device is a roughly eight sq ft screen designed for streaming on-demand exercise classes for a monthly subscription fee of USD 42 per month. Lululemon began selling Mirror devices with added features at US locations – beginning with 18 out of its 506 stores – in November 2020. In April 2021, the company announced plans to expand its sales strategy to include 200 stores across North America throughout the year, launching in Canada in October 2021. These devices incorporate a range of new engagement features including the ability to see and interact with other members via a built-in camera. Additionally, Mirror workouts will now be led by Lululemon brand ambassadors and instructors.
  </p>
  <p>
    Lululemon has often used sports and wellness-related activities to promote its brand. The company hosted 4,000 events such as marathons, runs, yoga and meditation retreats, etc. in 2018, planning an increase of up to 17,000 events in 2019. Furthermore, the retailer has been designing larger (20,000 sq ft) stores since 2019, allocating space for experimental events such as yoga, meditation, healthy food and juices, etc. The company expects these large stores to represent 10% of total stores by 2023. Lululemon expects the addition of Mirror to increase its activewear sales.
  </p>
</div>


Lululemon

<div>
  <p>
    Zwift is a startup developing and hosting virtual cycling races. With the Zwift virtual environment, users can ride in groups and participate in races. Users can access and take part in Zwift with a basic set of hardware as a trainer, a bike, and a computer, while for more professional cyclists, heart rate monitors, speed and cadence sensors, and power meters are recommended to enhance the experience. As of February 2021, Zwift did not have a commercialized connected fitness product. Indoor cycling accessory suppliers, such as Wahoo and Tacx Neo 2T, currently feature Zwift-compatible devices. Its main product, Wahoo Kickr, can convert racing bicycles into stationary bicycles for indoor training. The company also provides bike computers and other accessories for indoor training. 
  </p>
  <p>
    In January 2021, the company named the former Topgolf media president, YuChiang Cheng, as its new Chief Product Officer. Cheng’s responsibilities would include product and user experience (UX) design, engineering, product management, research and development (R&D), content programming, quality assurance, and community support, among others. In March 2021, Zwift announced plans to launch three at-home fitness hardware models produced by Chinese manufacturing partners and distributed to customers worldwide.
  </p>
  <p>
    In September 2020, the startup raised USD 450 million, led by the private equity firm KKR, in a Series C funding round and was valued at more than USD 1 billion after funding. These funds would be utilized to introduce its own hardware and expand its coverage by introducing other gamified sporting activities. 
  </p>
</div>


Zwift

<div>
  <p>
    Beachbody entered into the connected fitness space in February 2021, with the announcement to go public in a three-way merger with interactive fitness bike provider MYXfitness and Forest Road Acquisition Corp, a publicly traded special purpose acquisition company (SPAC). Following the acquisition (closed in June 2021), Beacbody became the parent company of the “MYX” brand in addition to its existing digital fitness and nutrition solutions Beachbody On Demand (BOD) and Openfit. The digital platform Openfit, available for USD 29 per month, offers trainer-led live and on-demand workouts with personal attention. The BOD platform, priced at USD 99 per annum and an additional USD 19.95 per month to access “BOD Interactive” (BODi) for group workouts.
  </p>
  <p>
    MYX is an interactive fitness platform, streaming live and on-demand workouts via its in-home “Myx Studio,” launched in November 2019. Its patented “MYX Mark” system calibrates users’ individual heart rate zones to each workout, allowing users to adjust their effort as they progress and achieve optimal results, per the company.
  </p>
  <p>
    MYX home studio is offered under two packages, The MYX and the upgraded MYX Plus that brings in 3rd party device suppliers of bicycles, heart rate monitors, dumbbells, and kettlebells etc. The MYX package, available for USD 1,299, includes a commercial-grade Star Trac Stationary Bike Trainer fitted with a 21.5-inch interactive tablet, and a heart rate monitor. This is priced below similar products such as bikes from Peloton, Bowflex VeloCore, and Volava, which range from USD 1,700–2,245. The MYX Plus package, available for USD 1,499, includes three sets of dumbbells, a kettlebell, a resistance band, a 24-inch foam roller and two mats in addition to the bike. MYXfitness is reported to have sold more than 27,000 bikes in the first year of its launch, and has an average engagement rate of 15 workouts a month. 
  </p>
  <p>
    In July 2021, the company launched its own MYX II and MYX II Plus bike models priced at USD 1,599 and USD 1,799 respectively. Both models are equipped with a 360-degree rotating 21.5-inch touchscreen, an adjustable seat and handlebar, and a new sensor to track cadence, speed, and distance metrics. Users can also pair the equipment with an Apple Watch as a heart rate monitor for all workouts. Additionally, MYX II Plus offers a set of dumbbells, a kettlebell, a resistance band, an exercise mat, and a foam roller for off-equipment workouts. The units support both the Beachbody’s digital fitness platforms Openfit and BOD.
  </p>
</div>


Beachbody

<div>
  <p>
    With 78% of ordinary shares, Animoca Brands—a Hong-Kong video game developer—is the parent company of the digital health and fitness company, OliveX Holdings. Established in 2017, the Hong Kong-based OliveX Limited was registered as a separate Australian entity, OliveX Holdings, in April 2019 for its IPO filing. OliveX Holdings commenced trading on the National Stock Exchange of Australia (NSX) in August 2020.
  </p>
  <p>
    The company entered the connected fitness market in 2019, with its flagship “KARA Smart Mirror” product and “KARA Smart Fitness” its digital application. It offers a smart mirror with a 24-inch portrait display, coupled with on-demand health and wellness content and classes with professional trainers. The product comes with AI to track user movements to give live feedback and keep track of calories burnt. Its content library, which automatically updates, features more than 100 fitness classes for various workouts, including cardio, core barre, boxing, and yoga, among others. 
  </p>
  <p>
    The mirror is available for HKD 18,750 (approximately USD 2,400), with a subscription after the first year costing HKD 200 (USD 26) per month. The product is priced at a slight premium compared to other screen-only versions, including Lululemon’s “Mirror,” Echelon’s “Reflect,” and NordicTrack’s “Vault” (prices ranging between USD 1,040–USD 2,000), but slightly below FORME Life (USD 2,495). This could be attributed to its AI technology.
  </p>
  <p>
    Its key customers include Gold Coast Yacht & Country Club, Wheelock Properties, Regal Hotel, and secondary schools. In February 2021, OliveX partnered with Hong Kong Broadband Network Limited (HKBN) to launch the fitness mirror for HKBN’s customers via its website for a bundled deal. It also revealed that it has more such partnerships in the pipeline to serve residential households in Hong Kong. Additionally, the product is available for customers in the US, and the company claims the delivery time to be within 3–7 weeks for North American countries. 
  </p>
  <p>
    In March 2021, OliveX acquired the UK-based gamified fitness company Six to Start. The gamification assets, including intellectual property, content creation, and distribution channels, owned by Six to Start complement OliveX’s mirror business.
  </p>
  <p>
    The company reported a tripling of its annual mirror sales in FY2020 (12 months ending in June) since its launch in FY2019. FY2020, revenue from connected mirror sales accounted for 6.5% of the company's total revenue—up from 1.6% in FY2019—while services, apps and games accounted for the remainder.
  </p>
</div>


Animoca Brands

<div>
  <p>
    Retro Fitness, a gym franchise with more than 120 US locations, entered into the connected fitness space with the April 2021 launch of its “Get Wheel” membership offering access to an at-home stationary bike with in-gym dual membership.
  </p>
  <p>
    With a Get Wheel membership, customers can access a “Retro Cobra” at-home stationary bike and any Retro Fitness gym for a monthly subscription of USD 64. The membership also offers virtual and in-person workouts including cycling classes led by Retro Fitness personal trainers.
  </p>
  <p>
    Retro Cobra bikes can be connected to mobile phones, while the “Cobra +” model also features a 22-inch display to stream live and on-demand classes, other virtual courses, or entertainment. The bike can also be connected to other training apps via Bluetooth to track fitness goals.
  </p>
</div>


Retro Fitness

<div>
  <p>
    Equinox, a fitness company with luxury and lifestyle offerings, gyms, and fitness clubs, operates in the connected fitness space via its subsidiary SoulCycle, established in 2006. SoulCycle, a fitness company providing indoor cycling and workout classes, launched an at-home connected fitness bike in March 2020. In addition to the bike, SoulCycle’s primary operation is centered around 30 "SoulCycle Outside" studios in the US, Canada, and the UK as of May 2021.
  </p>
  <p>
    Its bike comes with a 21.5-inch HD screen to display workout classes. Users can access content via the “Equinox+” app, which includes SoulCycle’s library of instructor-led live and on-demand classes, meditation, strength training, boxing, and other workouts. In addition to joining classes, riders can also track progress with “SoulBeat,” its post-ride recap. The bike is available in the US for USD 2,500, on par with Peloton’s higher-end connected bike, “Bike+,” but at a premium compared to Echelon, Nautilus, ProForm, and NordicTrack bikes, which range between USD 600–USD 2,200. The workout content on Equinox+ is available for a monthly subscription fee of USD 39.99.
  </p>
</div>


Equinox

Acquisition

In-house Development

Partnership/JV

The Incumbents

Volava offers a range of connected at-home fitness devices that include a bike, a treadmill, and a heavy bag. Unique to Volava, all the devices are equipped with a leaderboard on the screen that allows users to compete with the community. All its devices offer access to on-demand and live classes. 
  
  
    In Feberuary 2021, Volava raised EUR 2 million (USD 2.4 million) in seed funding from Inveready, JME Ventures, and Wayra. The company intends to utilize the funds for continued business growth and expand its operations in national and international markets.

Peloton offers connected bikes and treadmills. The company went public in September 2019, raising USD 1.2 billion at its IPO at a valuation of around USD 8 billion. Peloton offers two models of bikes; “Peloton Bike” (priced at USD 1,895) and “Bike+” (USD 2,495). Bike+ is equipped with a larger touchscreen and a high-fidelity sound system. Peloton’s running treadmill offerings include “Tread+” (USD 4,295) and a more compact version called “Tread” (launched in early 2021 at USD 2,495). Peloton ventured overseas, launching its products in the UK and Canada in 2018,  Germany in 2019, and Australia (only the bike models) in July 2021. As of December 2020, Peloton operated close to 100 retail stores in the US and around 40 more globally.
  
  
    Peloton’s all-access membership for its fitness products (USD 39 per month) includes instructor-led live and on-demand classes, scheduled workouts, scenic rides and runs, access to leaderboards, real-time performance tracking, and game-based workouts (available for bikes, with the beta launch planned for late 2021). It also offers an app-only membership with limited features for USD 12.99 a month, or less for some subscribers, including students and healthcare workers. As of June 2021, Peloton had 5.9 million total subscribers, including digital-only customers, and a total of 2.3 million connected fitness subscribers. Peloton also offers a corporate wellness program dubbed “Peloton Corporate Wellness” to include corporate users, in addition to home users, and its subscribers include UnitedHealth, Samsung, SAP, Wayfair and Accenture Interactive. Peloton’s FY2021 (FY ending in June) revenue doubled year-over-year (YoY) to USD 4.0 billion, with the fitness equipment sales accounting for 78% of revenue while subscriptions accounted for the remainder. Revenue growth was driven by the strong demand for its fitness equipment amid the Covid-19 pandemic. The company reported an adjusted EBITDA margin of 6.3% for the year. 
  
  
    In December 2020, Peloton acquired the fitness equipment company Precor (deal finalized in April 2021) to gain US manufacturing capabilities and improve research and development (R&D), aiming to release a broader portfolio of products. In March 2021, the company also confirmed the acquisitions of Otari (reportedly acquired in late 2020), a developer of interactive workout mats with screens; Atlas Wearables (acquired in November 2020), a developer of fitness-oriented smartwatches; Aiqudo (acquired in February 2021), a developer of artificial intelligence (AI)-powered digital voice assistant systems; and intellectual property from Peerfit, a digital health company (in November 2020). In line with the acquisitions, in June 2021, it was reported that the company is working on releasing a heart rate monitoring armband to track the intensity of workouts. The device is said to be available in two sizes and would connect to Peloton’s bikes, treadmills, and its fitness apps.
    In May 2021, Peloton announced plans to build the first of its own manufacturing facilities in the US, in Troy Township, Ohio, investing USD 400 million. The facility’s construction is set to commence in mid-2021, with commercial operations expected to begin by 2023. As of May 2021, the company has been manufacturing fitness equipment in third-party facilities in Asia. Peloton intends to commence production in the US by the end of 2021 through manufacturing factories owned by its subsidiary, Precor, located in North Carolina and Washington.
  
  
    The company has faced several lawsuits and safety issues in recent years. In February 2020, Peloton settled a lawsuit filed for using copyright-protected music. Upon settling, Peloton partnered with music publishers and artists to add tracks to its music library. In May 2021, it recalled its treadmills and halted treadmill sales in the US following safety concerns highlighted by US authorities, which also resulted in  lawsuits filed on behalf of its investors. However, Peloton announced fixes and re-launched the Tread treadmill in late 2021.

Echelon produces connected fitness products including bikes, smart mirrors, rowers and treadmills. It also offers own-branded fitness gear manufactured in partnership with Fit for Life. Its Echelon Fit app provides on-demand and live classes including spin, yoga, pilates, and cardio—which are produced in countries in the US, Canada, Germany, and France—for a monthly subscription. As of November 2020, Echelon reported more than 200,000 active users. Its products are available in the US, Canada, Mexico, the UK, Germany, France, Australia, and Iceland. 
  
  
    Echelon equipment includes:
  
  
    Connect Bike: At-home exercise bikes with on-demand and live-stream classes available at prices ranging from USD 840-USD 1,640; 
  
  
    Reflect: Screen-only smart mirrors with on-demand and live-stream classes sold at prices ranging from USD 1,040–USD 1,640; 
  
  
    Smart Rower: At-home exercise rowers with on-demand and live-stream classes available for prices ranging from USD 1,040–USD 1,640; 
  
  
    Echelon Stride: A compact foldable treadmill with connected features available for USD 1,340. 
  
  
    In addition, the company launched its “Echelon Sport-s Connected Bike” exclusively for Sam’s Club, a membership-only retail warehouse club owned by Walmart, for USD 799 in March 2021. These bikes, rowers, and mirrors are priced around 30% lower than Echelon’s competitors while the treadmill is offered at an even steeper 50% discount to rival products.
  
  
    The company launched a fully-licensed music offering with MediaNet, a music distribution and rights management platform, in November 2020, enabling Echelon to curate custom playlists. The company also signed a multi-year agreement with celebrity/entrepreneur Pitbull in June 2021. Pitbull will have a dedicated channel on Echelon Fit app, help design a co-branded bike, release a dedicated song for the brand, and take on an advisory role in the company in relation to content rights and deals. It also gives the company exclusive access to his music catalog within the fitness industry.
  
  
    In April 2021, Echelon raised an undisclosed amount of funds from Goldman Sachs Growth, North Castle Partners, United Talent Agency (UTA), and several other angel investors. The company plans to use the funds to form new partnerships, create new content, expand the team, and continue its product innovation.

Interactive Fitness launched the Expresso Fitness interactive bike with gamification features after acquiring the company in November 2009. In addition to its main Expresso bikes, Interactive Fitness also offers “CyberCycle,” launched in April 2012, which is a stationary bike with interactive and gamification features designed for older adults; and “Capti,” launched in October 2021, targeting home users.
  
  
    Expresso bikes
     are equipped with a 26.5-inch HD touchscreen, steering handlebars to turn while embedded magnetic resistance aims to simulate the real environment while riding. The bikes come in two models: “Expresso Go Recumbent” (USD 4,199), and the compact “Expresso Go Upright” (USD 3,999). Today, Expresso operates in both a partner-driven business-to-business (B2B) model, which predominantly targets residential buildings (ex: apartments and condos), corporates, and colleges, as well as a re-emerging business-to-consumer (B2C) model.
  
  
    Capti bikes
     feature a 24-inch touchscreen, terrain adaptive resistance (automatically adjusts to the grade in the game), and the patent-pending “Smart Ride” technology, which facilitates road bike experience with dynamic steering and a studio bike experience with locked handlebars and fixed pedals. The unit retails at USD 3,495, with plans to start shipping by December 2021. The bikes are priced somewhat higher than peers such as Peloton and Volava (USD 1,495–2,495) as well as direct rival Playpulse who also offers a game-led bike (USD 1,999).
  
  
    Users can also access its game-led regularly updated content library, which includes 50 maps, 20,000 feet of elevation, and 350+ miles of graphics as of October 2021. In addition, it also offers other workouts such as virtual cycling, high-intensity interval training (HIIT) games, heart rate training, and studio cycling classes. Capti users can access the content for a monthly subscription fee of USD 34 (up to 10 users). However, subscriptions pertaining to Expresso bikes are not disclosed.

Norwegian startup Playpulse develops a connected exercise bike dubbed “Playpulse One” with gamification features aimed at making working out fun. The unit comes equipped with a 24-inch full HD touchscreen, high precision pedal sensor, and handlebar game controllers. The company initially tested and offered the product to gyms (B2B), but later expanded to include households (B2C) amid the rising demand for fitness equipment among households due to the Covid-19 pandemic.
  
  
    Playpulse One is priced at USD 1,999, and for a monthly subscription of USD 20 users can access its content library and games. The bike is priced at a discounted rate, compared to its peer Interactive Fitness’s Expresso bikes that also come with gamification features and are priced between USD 3,999 and USD 4,199. Playpulse One is available for pre-order as of September 2021, and the company plans to ship the units by August 2022.
  
  
    In September 2021, Playpulse raised USD 2 million in a seed funding round from investors including Courtside VC, Initial Capital, and several angel investors. The company intends to use the funds toward finalizing the product offering (including design and performance), enhancing its content library and games through partnerships, and expanding the team.

Treadly offers treadmills with smart connected features and a compact foldable design. Its second generation treadmill, “Treadly 2”, is 3.7 feet tall and equipped with a smart-control handrail system, built-in display, and a built-in Bluetooth speaker. Treadly’s app also connects to the Treadly Community which offers training and live workout videos and interactive challenges created by the users. 
  
  
    The Treadly 2 comes in two models: “Treadly 2 Basic”, which can be controlled via  remote control or through the Treadly mobile app (USD 849), and the  “Treadly 2 Pro” which comes with additional smart connectivity features and can be controlled via Bluetooth (USD 949). The products are priced at a significant discount compared to its competitors such as Peloton—possibly due to its smaller and compact design. The product is available for sale in the US only.

Ergatta is an indoor rower that features personalized challenges and competitive games to deliver a full-body workout at home. The device features Ergatta connected users allowing for virtual head-to-head races. Ergatta was available for pre-order starting in January 2020 and began shipping orders in March 2020. The rowing machine is priced at USD 2,199, on par with other similar products offered by Aviron Interactive and Hydrow. The company charges a monthly subscription of USD 29 for its content library. As of February 2021, the company reported USD 2.5 million in monthly recurring revenue. Ergatta reportedly had around 10,000 active users as of April 2021. At the time, the company revealed plans to grow its memberships by 2-3x with a high retention rate target over the next six months. 
  
  
    In April 2021, Ergatta raised USD 30 million in a Series A funding round at a valuation of USD 200 million, bringing total funds raised to date up to USD 35 million. The round was led by Advance Venture Partners, with participation from Greycroft, Fifth Wall, Gaingels, and Hans Tung (GGV Capital). The money will help Ergatta expand its team, continue research and development (R&D) of its gamified offerings, and scale its supply chain to meet rising demand.

CityRow uses water rowers with attached screens to play on-demand classes as well as game-based workout programs. Its mobile app, “City Row Go,” was introduced in 2018 as a platform to share on-demand classes, extending CityRow gyms, workouts, and programming to the masses. CityRow offers connected rowing equipment under two models, “CityRow Go Max” and “CityRow Go Classic,” available for USD 2,195 and USD 1,495, respectively. The products are priced on par with competitors such as Hydrow, Ergatta, Echelon, and Aviron (prices range between USD 1,040–USD 2,299). CityRow Go Max is equipped with a built-in, 19.5-inch sweat-resistant touchscreen with speakers and Bluetooth compatibility, while the CityRow Go Classic model features a Bluetooth-enabled LED-backlit monitor. Users can subscribe to its app for USD 29 monthly or USD 348 annually to access the content library. 
  
  
    In addition, the company also owns and operates rowing-focused boutique fitness studios across the US. Since its inception in 2014, CityRow has expanded to operate 11 such studios as of July 2021.
  
  
    CityRow raised USD 12 million in a Series A funding round led by JW Asset Management, in July 2021. The company intends to primarily use the funds to introduce live streaming classes to its workout content in late 2021. In addition, CityRow also hopes to double the workforce to roughly 28 employees and launch 12 more franchise studios (out of 64 franchises sold) by 2022.

Aviron Interactive is a Canadian company that offers a rowing machine with gamification features. The company, founded in 2015, launched its interactive rower in 2017 after two years of design and development. The product comes in two models, “Tough Series Rower” for commercial use and “Impact Series Rower,” a foldable model for home use commercially rolled out in July 2020. Its rowers are equipped with a smart resistance system, a 21.5-inch HD touchscreen display, and a quiet nylon belt. The key differentiating factor for Aviron from most other interactive fitness companies is its software, designed for a connected gaming experience via its built-in display. The software includes six different workout categories, including introductory workouts for amateurs, personalized workouts, and real-time competitions with other users.
  
  
    Aviron predominantly targets the business-to-business (B2B) market, such as hotels and apartment buildings, and has customers such as YMCAs and Gold's Gyms. The machine was launched in the business-to-consumer (B2C) market in July 2020 and has reportedly sold around 1,000 units as of January 2021. The home fitness machine, “Impact Series Rower,” is available for USD 2,299, on par with most competitors, such as Ergatta or Hydrow rower prices. Aviron membership costs USD 29 a month or USD 299 a year, which gives access to its user network, challenges, and other content for home users. The “Tough Series Rower” is priced at USD 2,499 plus a membership fee of USD 499 a year or a lifetime membership for USD 3,499. The company witnessed considerable business growth in Q1 2021, surpassing revenue reported in full-year 2020, and doubling the number of users.
  
  
    In August 2021, Aviron raised USD 4.5 million in funding for continued business growth, to meet the rising demand, and to further develop its gamified workout content.

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. The company prices the rower at USD 2,295, positioning the equipment at a premium compared to other interactive rowers such as Echelon’s Row/Row-s, City Row, and Ergatta (USD 1,000–USD 2,200). The Hydrow rower with added machine and workout mats, heart rate monitors, foam rollers, resistance bands, and headphones are also available in three packages branded “Hydrow Essentials Package,” “Hydrow Launch Package,” and “Hydrow Works Package,” with prices varying based on added equipment (USD 2,425–USD 2,695).
  
  
    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 USA and the UK, and has partnerships with schools, clubs, resorts, residences, and gyms. The startup recorded a 500% YoY increase in its rower sales in 2020 and is reportedly witnessing continued strong demand in 2021.
  
  
    In September 2021, Hydrow raised nearly USD 200 million in financing from investors including celebrities Lizzo and Justin Timberlake, to meet the anticipated holiday-season demand, expand into international markets, and create more live and on-demand workout content for its users. The company also reported that it was in talks to go public via a merger with the special purpose acquisition company (SPAC) Sandbridge X2 Corp in August 2021. The deal could value the combined entity at more than USD 1 billion, though the terms had not been finalized. Reportedly, the SPAC is also in talks with investors to raise private investment in public equity (PIPE).

Fiture is a Chinese developer of an AI-powered smart mirror with interactive classes and customized training programs. In addition to its primary product, the company also sells other accessories such as yoga mats, yoga bricks, and elastic ring suits. The mirror includes a 43-inch screen to display workout content including yoga, high-intensity interval training (HIIT), Pilates, and aerobic dancing. Fiture offers more than 5,000 fitness courses and is customizable for children, adults, and senior citizens.
  
  
    Fiture markets towards mall gyms and hotels as well as individual home users. For individuals, the premium version of the mirror with a 4K UHD screen is available for CNY 7,000 (USD 1,080), and the more compact ultimate series with an FHD screen for CNY 4,800 (USD 740). The product is priced below comparable screen-only fitness mirrors such as Forme Life Studio, NordicTrack Valut, Mirror, and VAHA which range between USD 1,400 - 2,700.
  
  
    The company operates more than 10 stores in China including locations in Shanghai, Beijing, and Chengdu. As of August 2021, the company has monopoly status over China’s fitness mirror industry, with plans to expand the reach to include the US and Europe in the future.
  
  
    In April 2021, Fiture raised USD 300 million in a Series B funding round led by All-Star Fund, Legend Capital, DST Global, and Sequoia China, at a post-money valuation of more than USD 1 billion—reportedly the fastest fitness tech company to reach unicorn status. The company earmarked the funding for market expansion, producing more workout content, and offering free trials nationwide.

Carbon Trainer offers a 4K LCD touch screen display with built-in sensors and accessories. Carbon Trainer is powered by AI and motion capture, which enables the system to track form and techniques as well as count reps. Carbon Trainer facilitates resistance training, conditioning- HIIT, strength training, bodyweight training, mobility, stretching, and yoga. Users have the option of using weights from Carbon that are equipped with built-in sensors or attaching sensors provided by Carbon on regular weights for them to be compatible with the system. Carbon Trainer with a wall mount is available for USD 2,295, whereas the version with the aluminum stand is sold for USD 2,455. Both include a six-pack of smart sensors and two resistance bands. For USD 39 per month, users can gain access to live and on-demand classes.

FORME Life has introduced a home exercise system that comprises a screen and two mechanical arms on the side for strength training, called the "Studio Lift.” The device is a close competition to Tonal. The company has also introduced another screen-only option with similar features to competitor Mirror- called the "Studio.” FORME Life screens are equipped with two stereoscopic cameras enabled with motion capture technology to guide the form and the technique of users. The two mechanical arms can create a resistance up to 150 lbs, and the operating system powered by machine learning and AI is capable of "spotting" and assisting users when weight training (by adjusting the resistance automatically). 
  
  
    FORME Life opened 11 retail locations across the US, with a flagship store in Westfield World Trade Center mall, New York in November 2020. The Studio, priced at USD 2,495 plus a membership fee of USD 39 per month, is scheduled to ship within 12–14 weeks. The Studio Lift is priced at USD 4,495, including delivery and installation, plus the membership fee. The company plans to deliver orders in the spring of 2021. Its products have been available for pre-order since May 2020. 
  
  
    FORME Life was co-founded and designed by Yves Behar, a renowned designer with clients such as Herman Miller, Movado, and Samsung.

VAHA offers a smart screen-only mirror device dubbed “VAHA X” that provides live on-demand classes, one-on-one personal training, and other workouts. The device comes with a wall bracket and floor stand and features a 43-inch touchscreen display, camera, speaker, and microphone to facilitate communication between users and trainers. The VAHA starter box offered along with the mirror includes a heart rate monitor and resistance bands. The company is in the process of developing motion tracking as well, as reported in April 2021. VAHA targets to reach 10,000 users by the end of 2021, from “thousands” reported in April 2021.
  
  
    Germany-based VAHA only offers its product in Germany, Austria, and the UK. It retails at EUR 2,268 in Germany and Austria, and at GPB 1,950 in the UK (USD 2,700). The company also offers a more compact version of the device with the same functionality, dubbed “VAHA S,” available exclusively in the UK for GBP 1,150 (USD 1,600). Users can access training classes and other content for a subscription fee of EUR 39/GBP 39 (USD 47) per month. The VAHA X device is priced higher than similar screen-only products available in the US, such as Lululemon’s “Mirror,” Echelon’s “Reflect,” FORME Life’s “Studio,” and NordicTrack’s “Vault,'' which retail at prices ranging between USD 1,040–USD 2,495.

Fittar, based in the Netherlands, offers a smart connected mirror with virtual coaching and gamification features. Users can choose from five themes such as warm-up, fitness, virtual boxing, and yoga for a total of more than 1,500 programs. Users can also customize their own training programs. 
  
  
    The mirror includes a 3D camera and a motion recognition system to monitor users during workouts. The mirror connects to its app via QR code scan. Fittar is available in three models: premium, pro and compact, with varying sizes. The premium (65-inch 4k display) and pro models (43-inch full HD display) are mainly pitched towards gyms, while the compact model (32-inch full HD display) targets at-home workouts. 
  
  
    The compact version is available for EUR 1,495 (USD 1,800), or for EUR 2,175 (USD 2,640) with the latter including a 2-year membership. The monthly membership fee is EUR 29.95 (USD 36). The product is priced in line with other screen-only versions, including Lululemon’s “Mirror,” Echelon’s “Reflect,” NordicTrack’s “Vault” and FORME Life’s “Studio” on average (USD 1,700). The Fittar mirror is available in the Netherlands, Belgium, France and Poland.

Tonal introduced a smart home exercise system, which comprises a large screen with two mechanical arms on the sides that allow users to perform weight-based strength exercises such as deadlifts, bench presses, and squats. Besides strength training, users can use Tonal to take up other classes like yoga, cardio, high-intensity interval training (HIIT), either live or on demand. The device can generate resistance equal to a weight of 200 lbs, allowing users to still train effectively without compromising on the weight. Tonal’s AI program permits users to adjust the weight when users need assistance. The patented weight system dynamically changes resistance down to the millisecond and increases or decreases weight according to user performance. To enable these features, the system offers multiple settings, such as Smart Flex (dynamic variable resistance), Eccentric (optimizes time under tension), Chains (steadily increases weight at the top of every move), Spotter (detects fatigue and automatically reduces weight), and Burnout (decreases weight gradually with each set completed). 
  
  
    Tonal is priced at USD 2,995 with on-demand and live classes available for USD 49 per month. This is on par with the NordicTrack Vault, but priced higher than similar weights-included smart mirrors such as Tempo and ProForm Vue (both priced below USD 2,500). In March 2021, Tonal partnered with the department store chain Nordstrom to enhance its physical footprint with mini outlets inside 40 Nordstrom locations across 20 states, bringing its total store count to around 55 stores—up from 15. 
  
  
    Tonal witnessed an 800% year-over-year (YoY) increase in sales in 2020, resulting in delivery lags of 10–12 weeks. The company is reportedly addressing the issue by ramping up production, recruiting new employees, and air-shipping the equipment.
  
  
    In March 2021, the company raised USD 250 million in a Series E funding round at a valuation of USD 1.6 billion, achieving unicorn status. Participants in the round included Dragoneer, Cobalt Capital, L Catterton, Sapphire Ventures, and several athlete investors. The new funds will be used for marketing, to expand its fitness classes, and to scale the business further to cater to the rising demand. The company also hinted at a potential IPO, but a specific timeline and additional details were not disclosed at the time of the funding round. Tonal also has 30+ athlete investors and brand ambassadors, including LeBron James, Serena Williams, Stephen Curry, Klay Thompson, Tony Gonzalez, Drew Brees, and Maria Sharapova (as of October 2021).

Tempo is a startup that develops fitness devices that assist in strength training and other exercises. Originally founded as Pivot in 2015, the company was later renamed Tempo. Prior to the introduction of Tempo, the company launched SmartSpot in 2015 to focus on power gyms. SmartSpot was a predecessor to Tempo with a similar motion-tracking application to correct the form and technique in strength training. Similar to SmartSpot, Tempo is equipped with a large screen that has built-in 3D motion sensors and artificial intelligence (AI) to capture movement patterns and range and make suggestions in a manner similar to that of a human trainer.  Tempo devices can also be integrated with Apple Watch. Besides the device, Tempo also includes a kettlebell system, a barbell, and two dumbbells that can be adjusted in weight. Its devices are available in three packages: Tempo “Starter,” “Plus,” and “Pro,” with varying prices that range between USD 2,495–USD 3,995 based on added weights and equipment. The products are priced on par with other weights-included mirror devices such as  NordicTrack “Vault,” FORME Life’s “Studio Lift,” Tonal, and iFIT’s “ProForm Vue” (prices range between USD 1,495–USD 4,495). Besides strength training, users can also take HIIT and mobility classes on-demand or live, available for USD 39 per month. Tempo reported 10x sales growth and zero subscriber churn in 2020.
  
  
    In April 2021, the company raised USD 220 million in a Series C funding round led by Softbank Vision Fund 2, bringing the total raised almost USD 300 million to date. Tempo will use the new capital for the continued enhancement of its AI and 3D sensor technology.

Studio offers a smart mirror that allows users to connect it with existing home workout equipment without having to purchase new equipment altogether. The system comprises a 43-inch vertical screen enabling users to follow along with training sessions available live and on demand. The screen also displays stats and other connected device data such as treadmill speed, a bike’s cadence, heart rate, and other metrics. Studio connects with other devices via Bluetooth and sensors.
  
  
    The Studio hardware is priced at USD 999 and is expected to start shipping in November 2020. In addition, the system requires a monthly subscription fee of USD 39, with which users can access classes for a variety of workouts, including treadmill, cycling, strength, rowing, boxing, yoga, etc.

FightCamp is an interactive punching bag that allows users to take boxing classes at home with both on-demand or live streaming options. Users can interact with trainers using the screen, with custom boxing gloves monitoring each punch. FightCamp is priced at USD 1,219, while a monthly subscription of USD 39 gives access to on-demand classes. The product’s price is relatively higher compared to Fitness Interactive’s punching bag priced at GBP 699 (USD 980), but lower than Liteboxer’s USD 1,495 setup.
  
  
    In June 2021, FightCamp raised USD 90 million in a Series B funding round co-led by New Enterprise Associates (NEA) and Connect Ventures. The company intends to utilize the funds to scale up operations internationally, expand its subscription-based content library, and develop an Android content platform (available on iOS only as of June 2021).

Liteboxer delivers a smart punching bag with an interactive stand along with a nine-inch screen for personal trainers to provide on-demand instructions. Boxers can connect tablets/phones for workouts and can also mirror content from the Liteboxer to other devices including connected TVs via Google Chromecast. The Liteboxer collects performance data using embedded force sensors that allow the software to tailor workouts to match the traits of each boxer. The built-in screen and floor mat platform differentiate Liteboxer from other interactive punching bag manufacturers. Liteboxer also has a partnership with Universal Music to provide a library of songs while working out. 
  
  
    Liteboxer announced its smart punching bag in July 2020 with sales kicking off in October 2020. The Liteboxer bundle is available at USD 1,495 (or USD 49 per month for 36 months) and includes the punching bag, floor mat platform, gloves, and wraps. The product's price is relatively high compared to other punching bag manufacturers such as Fitness Interactive and FightCamp that offer products at prices ranging from USD 900–USD 1,219. Membership to Liteboxer’s workout software platform is available for an additional USD 29 monthly subscription fee.
  
  
    In June 2021, the company raised USD 20 million in a Series A funding round led by Nimble Ventures to fuel growth, build on its vision of immersing fitness with game dynamics, and improving the sales reach of its product.

Vitruvian Investments is the Australian connected fitness company behind “V-Form Trainer,” a compact slimline carbon fiber platform with a dynamic tension system that allows users to lift weights ranging between 10 - 400 lbs. The device can be paired with its mobile app to track performance and to join workout sessions including custom weight workouts in solo or group environments, and motivational workout classes. As of August 2021, the company operated an assembly plant in Taiwan capable of producing up to 70 - 100 units per month. At the time, the company had around 10 physical store locations including in Australia, New York, Dubai, and Singapore.
  
  
    The V-Form Trainer retails for USD 2,200, and ships worldwide. The introduction of the app is in line with the company’s plans to move to a subscription-based model beginning in October 2021 with a monthly multi-user membership fee of USD 39. Vitruvian plans to focus on pitching the product to the US and Australian markets in 2022. As of August 2021, the company had 600 - 700 users and reported revenue of USD 1.2 million during H1 2021.
  
  
    In June 2021, the company raised USD 6 million from angel investors to ramp up production and bring the second-generation machine—which will be more amenable to mass manufacturing—into production.

BRRRN, founded in 2017, first opened as a cool temperature (50°F) boutique fitness studio in New York City in May 2018. The company entered into the connected fitness space in July 2020 with the launch of its slide board, dubbed “BRRRN Board,” coupled with more than eight categories of on-demand workout videos. The board allows users to stand and move on it and do side-to-side exercises. It comes with a special pair of boots and mittens for users to glide across the board and wipes to keep the board smooth. 
  
  
    The equipment comes in two models, a 5-ft.-long version sold for USD 229, while the other is a 6-ft.-long adjustable version available for USD 299. The product price is relatively low compared to its competitor Omolle’s “MATIV,” an interactive multi-fitness smart mat, which is priced at USD 400. Users can access on-demand workouts, including cardio, weight training, and yoga, from professional trainers for a monthly fee of USD 9.99 or USD 79.99 a year.

MAXPRO Fitness commercially launched a connected portable cable machine, “SmartConnect,” in January 2020. The device comes with embedded electronics and sensors that integrate with its coaching app via Bluetooth. The company incorporates its proprietary resistance mechanism, “PowerClutch,” into its devices, which allows 50 resistance settings ranging from 5 lbs. to 300 lbs. The cable machine is available for USD 849, with the option for users to bundle it with other MAXPRO equipment, such as its foldable bench and slimline wall track for USD 1,547. Its coaching app permits users to view workout data, progress toward set goals, post workouts, create challenges among users, and access instructor-led live fitness classes.
  
  
    During the five months ended May 2021, the company sold more than 10,000 units in 56 countries, including the US and Canada, translating to more than USD 10 million in revenue.
  
  
    In May 2021, MAXPRO Fitness received an undisclosed amount of funds from former basketball player Shaquille O’Neal. Along with the investment, the company also announced a strategic partnership with the player. The company intends to utilize the funds toward introducing new digital fitness offerings and next-generation hardware.

MoonRun is a portable at-home aerobic trainer, which adopts stationary running to provide cardiovascular training. Unlike on a treadmill, the user has a greater range of motion with less strain on the joints. MoonRun uses elastic webbings and a harness to elevate the user’s body, effectively reducing body weight. A lower body weight will help reduce the stress on knees and feet when running. 
  
  
    The device records the user’s performance with a belt worn on the waist that feeds the data to the MoonRun CONNECT box. The users of MoonRun can run with a virtual coach or take part in virtual races with the community using compatible applications such as ArcadeFitness and Swift. MoonRun is priced at USD 399.

DribbleUp offers a portfolio of connected equipment including smart basketballs, smart soccer balls, smart medicine balls, and smart boxing gloves. These products are equipped with AI-based tracking technology to track activity and progress. The smart basketball, soccer ball, and medicine ball are available for USD 99.99, while the boxing gloves are sold for USD 149.99.
  
  
    In addition to equipment, the company also provides live and on-demand workout classes including high-intensity interval training (HIIT), skill training, cardio, and strength training via its “DU Live” mobile app, which works across all product categories. In addition, users can access leaderboards and compete with each other via the app. DU Live is available for a monthly subscription fee of USD 9.99.

Fitness Interactive, based in Wales, UK, launched its interactive punching bag, called FitBag, in October 2020. The system fits over a Wavemaster XXL punching bag (offered by Century, a supplier of martial arts supplies), which can be purchased either as a part of the package or retrofitted if the clients already own one.
  
  
    The FitBag can measure power, speed, and accuracy of hits, allowing users to compete against themselves or with the users on the leaderboard. Its free mobile application connects to the product via Bluetooth Low Energy (BLE), enabling users to compete. FitBag uses high-intensity interval training programs where the company believes one can burn between 354-558 calories per hour. The complete FitBag fitness system, which includes Wavemaster XXL, Fitbag App (offered for free), and gloves, is available at GBP 699 ( USD 980). The product’s price is relatively low compared to other punching bag manufacturers such as Liteboxer and FightCamp with prices ranging from USD 1,219 - 1,495.

CLMBR offers a vertical climbing machine that features a large-format touch display with on-demand classes. The device provides a combination of high-intensity cardio and resistance strength training. The patent for the product is pending as of December 2020. Its product comes in two models: “CLMBR Connected,” primarily designed for home use, and “CLMBR Pure,” designed for gyms. CLMBR Connected is equipped with a 21.5-inch touchscreen where users can access on-demand pre-recorded content and challenges for a monthly subscription fee. In addition to its climbing machines, it offers weight accessories by Bala, a provider of weighted bangles and functional fitness accessories (partners in July 2021). The company also incorporates these accessories into its fitness classes, both on and off its fitness equipment, for additional resistance.
  
  
    In October 2020, CLMBR partnered with engineering practice Cooper Perkins to further develop the models. By February 2021, the company had completed field prototype testing and was set to move into full-scale production. CLMBR has registered customer pre-orders since August 2020, with expectations to deliver the product by June–August 2021. The company also has a partnership with b8ta, a retail-as-a-service company with presentation centers for consumer electronics and home goods, to demonstrate its climbing machine prototype in eight b8ta stores across the country (from mid 2021 to early 2022).
  
  
    In October 2020, KBW Ventures, a California-based venture capital firm, invested in CLMBR during its inaugural fundraising round and signaled its intention to bring CLMBR Connected devices to its Four Seasons hotel (KBW is one of the two majority owners) properties worldwide. In December 2020, Wheelhouse, an integrated company for content, talent, brands, entrepreneurs, and investors, invested and announced a partnership with CLMBR to support the marketing of the devices via special events at “Wheelhouses” in New York and Los Angeles in 2021. 
  
  
    In June 2021, the company raised USD 13.5 million in a funding round with participation from 29 investors. The round was initially announced in March 2021. The company intends to utilize the new funds to expand its team to 60 by the end of the year (doubling the headcount), invest in inventory and technology, and open new headquarters in Denver.

JaxJox introduced an interactive studio that comprises a kettlebell and two dumbbells with adjustable weights. The interactive studio is also equipped with a screen to stream live and on-demand classes. The digital, adjustable kettlebell, called the KettlebellConnect 2.0, has a weight range of 12 lbs to 42 lbs, while each dumbbell, referred to as Dumbbell Connect, has a range of 8 lbs to 50 lbs. The total weight range of JaxJox studio can go up to 142 lbs. 
  
  
    The KettlebellConnect 2.0 and the DumbbellConnect are equipped with a real-time performance tracking that allows the system to capture performance data and send it to the JaxJox mobile user app. The company also uses a proprietary machine learning algorithm to calculate users' fitness IQ, reflecting the overall performance.
  
  
    JaxJox interactive studio was available for pre-order from September 2020 for USD 2,199 with a monthly studio subscription available for USD 39.99. In October 2020, the company raised USD 10 million in Series A Funding from Dowgate Capital Ltd. and entrepreneur Nigel Wray, bringing the total funding to USD 17 million. The funds will be used to release its InteractiveStudio to customers in late 2020 and for global retail expansion.

Katalyst offers the patent-pending “Katalyst Training System,” a fitness system based on electrical muscle stimulation (EMS) technology for strength, power, and cardio training. The system is designed to improve body composition, strength, and endurance and to enhance muscle tone. Its components include a suit (a vest, shorts, arm straps, and arm connectors), an impulse pack control center, and a base layer shirt and short set to be worn underneath the suit. Powered muscle stimulators are also considered a medical device in the US, and the company claims to be the only full-body EMS company cleared by the Food and Drug Administration (FDA) for at-home consumer use.
  
  
    Katalyst App, available on iOS, controls and manages the workouts, allowing users to access on-demand pre-recorded workout content. The device is available for USD 2,385 which includes access to basic workouts. Premium workout content is available for a monthly subscription fee of USD 39. As of July 2021, the product is in limited release, with the official launch yet to be announced. The product is also available in the US only, and the company is in the process of obtaining the necessary approvals to ship internationally as of July 2021.

OxeFit offers a strength training connected fitness system that uses advanced robotics and artificial intelligence (AI). The company launched its strength training system “XP1” in April 2021. Oxefit targets a range of use cases from optimizing athletes’ performance to injury recovery to personal wellness. OxeFit’s solutions can be used in homes, fitness clubs, and rehabilitation centers. The system, starting at USD 25,000 (significantly higher than Arena Innovation’s portable, robotic resistance training system, available for USD 1,995), is available for preorder for a downpayment of USD 1,000. The product features dynamic variable resistance training with computer-controlled loads up to 500 lbs., force plate technology to identify asymmetries and weight imbalances, motion sensors and machine learning capabilities to detect and track movements, and a 43-inch touchscreen to display training content.
  
  
    The company operates two apps—OxeLead and OxeFit—that work in tandem with the hardware. OxeLead is marketed toward trainers, rehabilitation centers, and sports clubs, while OxeFit is marketed for individuals and families. The OxeFit app subscription costs USD 39.99 a month and includes instructional videos, training programs, multi-user workouts, and competitive leaderboards.
  
  
    In February 2021, the company raised USD 12.5 million in a Series A funding round led by Lydia partners with participation from professional athletes and sports medicine experts. The company intends to use the funds to launch its XP1 and XS1 strength training fitness equipment.

Arena Innovation offers a mobile smart gym in the form of a portable, connected strength training system designed as a step box that can be controlled via smart devices. The equipment, dubbed  “ARENA unit,” comes with a classic straight bar, single handle grip, tricep rope, and ankle strap and is equipped with sensors to track movements.  It incorporates technologies such as direct drive (to transmit motor power directly without intermediate components), a rapid-charge battery, and an electric motor. Weighing approximately 60 lbs, it is capable of creating resistance of more than 200 lbs. Arena also offers a separate mobile application, available free of charge as of July 2021, allowing users to adjust resistance levels and display its library of self-guided workout content. The programs are created by certified strength and conditioning coaches and trainers who have worked with leading athletes and teams.
  
  
    The product is priced at USD 1,995, significantly lower than OxeFit’s comparatively advanced strength training connected fitness system that starts at USD 25,000. It is available for preorder in the US as of July 2021. Arena plans to expand its footprint to ship globally in the future and introduce subscription-based packages for selected content.
  
  
    In July 2021, Arena raised USD 5.2 million in a seed funding round from investors, including Courtside Ventures, Powerhouse Capital, and Wellness Holding, as well as several angel investors. The company intends to utilize the funds to support the commercial launch of its product, which is at the pilot manufacturing stage as of July 2021.

Frame Fitness develops a digitally connected Pilates reformer — reportedly the first of its kind — and targets at-home users. The unit features a 24.5-inch swivel, sweat-resistant, ultra-HD touchscreen, spring technology, a lightweight and compact wheeled frame, and other accessories such as a weighted bar, a Pilates ball, a Pilates ring, and hand weights. In addition to the equipment, the company also offers instructor-led live and on-demand workouts for cardio-infused Pilates, high-intensity boot camp classes, yoga, and prenatal stretching. The equipment—available for USD 2,999—was opened for pre-orders in October 2021, and the company plans to start shipping in Q1 2022. It offers workout content for a subscription fee of USD 45 a month or USD 500 per annum.
  
  
    In September 2021, Frame Fitness raised USD 5 million in a seed funding round led by fitness industry veterans to bring its product to market.

UK-based Quell produces game-based virtual home workouts and lightweight hardware. The company sells a lightweight gauntlet controller that includes a free version of the “Quell” virtual game. A “Quell+” that features continually updated new workouts, and video game elements is available as a paid monthly subscription . As of December 2020, Quell is working on creating a competitive multiplayer version of the game.
  
  
    The “Full Quell System”, priced at USD 249 (with an introductory pre-order price of USD 219), includes the gauntlet, the basic Quell game, and three-months of access to the Quell+ enhanced game. The company positions itself as a low-cost alternative to the connected bikes and treadmills manufacturer Peloton.
  
  
    In December 2020, the company raised USD 3 million in a seed funding round led by Khosla Ventures and Heartcore Capital. The funding is expected to be used to help launch and ship its product by the end of 2021.

Omolle, founded in 2018, first operated as a smart gym solutions provider, digitizing gym equipment with Internet of Things (IoT) solutions. However, amid the challenges associated with the Covid-19 pandemic, the company changed its focus and entered the connected fitness space in 2021 with the launch of a patented interactive multi-fitness smart mat. 
  
  
    The product–“MATIV”–comprises a smart mat and wristband, and is capable of determining 300 different exercises such as jumping jacks, squats, lunges, and planks in real-time. The mat is equipped with around 40,000 sensors and artificial intelligence (AI)-based algorithms to track, analyze, and provide feedback while the user follows workout videos on its interactive mobile app. The smart wristband’s sensors track arm movements such as speed and angle. Users can also access a variety of workout content, including high-intensity interval training (HIIT), boot camp, cardio, and pilates on Omolle’s mobile app for a subscription fee of USD 11 per month. The company plans to introduce live workout programs in 2022.
  
  
    The official launch of the product (priced at USD 400) is set to take place in August 2021. As of June 2021, the product is available for preorder on the crowdfunding platform Indiegogo for USD 300 (a 25% discount), with plans to start shipping worldwide by September 2021. MATIV is priced somewhat higher compared to BRRRN, which offers interactive slide boards with on-demand workout videos for prices ranging from USD 229–299.
  
  
    In June 2021, Omolle launched a crowdfunding campaign on Indiegogo, which is expected to continue until mid-June. This follows a USD 204,134 raise in another crowdfunding campaign through Kickstarter.

The US connected fitness products market estimated at between USD 6.6–23.0 billion by 2025

Market Sizing

Notable Investors

Y Combinator is a startup accelerator that invests in a large number of startups twice a year. It created a new model for funding early-stage startups. Twice a year, the company invests a small amount of money ($150k) in a large number of startups. The startup accelerator works intensively with the companies for three months, to get them into the best possible shape and refine their pitch to investors. Each cycle culminates in Demo Day when the startups present their companies to a carefully selected, invite-only audience.

Khosla Ventures is a venture capital firm started in 2004 by Vinod Khosla, Co-Founder of Sun Microsystems. The firm provides venture assistance and strategic advice to entrepreneurs working on breakthrough technologies. With over $5 Billion under management, the firm focuses on a range of areas including consumer, enterprise, education, advertising, financial services, semiconductors, health, big data, agriculture, food, sustainable energy, and robotics. Khosla Ventures is headquartered in Menlo Park, California.

Techstars is a global platform that provides investment and innovation. Through the Techstars Worldwide Entrepreneur Network, founders and their teams connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporate partners who will help their companies grow. Techstars operates four divisions: Techstars Mentorship-Driven Accelerator Program supercharges success and Techstars Startup Programs inspire, educate, and connect entrepreneurs. Techstars Venture Capital Fund invests in innovative and disruptive companies. Techstars Corporate Innovation Partnerships help brands create products and services. Techstars accelerator portfolio includes more than 1,000 companies with a market cap of $8.1 billion.

Mayfield is a global venture capital firm with a people-first philosophy and a 50+ year track record of inception and early-stage investing, partnering with founders to build iconic enterprise, consumer and engineering biology companies. Since its founding, the firm has invested in more than 500 companies, resulting in 119 IPOs and more than 200 acquisitions, and currently has $2.5B under management.

Bolt is a pre-seed venture firm investing where the digital and physical world intersect. Bolt invests early and with conviction, leading or co-leading the first round of financing in over 90% of our portfolio companies.  Bolt has invested in over 70 companies and is currently investing from our $70M Fund.

SignalFire is a complete redesign of the modern venture firm based on six years of careful study, development, and iteration on how to best fuel today's entrepreneur. Their distributed network approach gives access to some of the world's best entrepreneurs, product, and engineering leaders in virtually every key discipline and industry, provided by a centralized team of world class investors and engineers trained at General Catalyst, Bessemer, KPCB, Google, and Yahoo. They have developed a first of its kind centralized infrastructure to help with recruiting, business development, customer acquisition as well as educational and community events. They invest in leaders with an uncommon passion and perspective for leveraging data and technology solutions to upend substantial markets.

One part Consumer Investment Firm, one part Strategic Creative Agency.  Bullish is an early stage consumer investment firm based in NYC. Current and past investments include Peloton, Casper, Harry’s, Warby Parker, Care/Of, Function of Beauty, Hu Chocolate, and Sunday Lawn.

Greycroft is a venture capital firm that focuses on technology start-ups and investments in the Internet and mobile markets. With offices in two of the most important business hubs in the world, New York and Los Angeles Greycroft uniquely positioned to serve entrepreneurs who have chosen us as their partners. The firm leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, bring their products to market, and build successful businesses.  Greycroft manages in excess of $1 billion and has made over 200 investments since its inception in leading companies including Acorns, App Annie, Bird, Botkeeper, Bright Health, Boxed, Braintree, Buddy Media, Everything But The House, Extreme Reach, Huffington Post, Icertis, JW Player, Maker Studios, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club, Venmo, WideOrbit, and Yeahka. Greycroft has adopted the Diversity Term Sheet Rider.

Gaingels is a venture investment syndicate in service of the LGBT+ community and its allies, investing in companies with LGBT+ founders and C-suite leaders at all stages of growth, as well as in more established companies resolved on building more inclusive teams, with a global portfolio of 130+ companies and $70M in deployed investment capital to date.  The Gaingels network also actively supports its portfolio in identifying and recruiting diverse talent to their C-suite and board leadership teams and fosters a vibrant global community of industry leaders, investors, operators, and entrepreneurs who share a common goal for positive social change through business and successful investments.

L Catterton provides capital to companies to support acquisitions, management buyouts, recapitalizations, and turnarounds, as well as investment capital to support a company's continued growth and development. They consider investments across a number of targeted industry verticals within the consumer industry: food and beverage, retail and restaurants, consumer products and services, and media and marketing services. L Catterton was founded in 1989 and is headquartered in Greenwich, Connecticut.

Shasta is an early-stage venture capital firm with over a billion dollars under management. Shasta has a 15-year track record of investing in groundbreaking startups like Anaplan, Zuora, Nest, Turo, Nextdoor, SendBird, Tonal, Lattice, Glint, Highspot and hundreds more.  Shasta now invests in innovative series A enterprise startups in sectors like SaaS, cybersecurity, infrastructure, data intelligence and camera vision. By focusing just on these sectors, we can dive deeper to produce better outcomes. Our investment in Shasta Elevate gives enterprise founders the playbook, tools and support they need to scale faster.

Sapphire is a leading global VC firm that partners with visionary teams and venture funds to build companies of consequence. For nearly two decades, Sapphire has been investing capital, resources, and expertise in innovative startups and technology-focused venture funds around the world. With more than $6.8B in Assets Under Management across Sapphire Ventures, Sapphire Partners, and Sapphire Sport, and with team members in Austin, London, Palo Alto, and San Francisco, Sapphire is well-positioned to help scale companies and venture funds, elevating them to become global category leaders.  The firm was founded in 1996, became an independent venture firm in 2011, and rebranded as Sapphire Ventures in 2014.

DCM Ventures assists entrepreneurs in building world-class companies that will ultimately change how institutions and people use and live with technology. DCM Ventures focuses on the size of their team, the money they raise, and the investments they make -- all so that they can focus on the business of helping portfolio companies succeed. Collectively, the DCM investing partners have over a century of investing and operational experience and each DCM partner has experience building hyper-growth startups into billion-dollar businesses. DCM Ventures manages ten funds totaling $4.0 billion, and has made investments in more than 400 technology companies across the United States and Asia. With offices in the Silicon Valley, Beijing and Tokyo, DCM provides hands-on operational guidance and a vast network of global business and financial resources to its portfolio companies.

Founders Fund is a San Francisco based venture capital firm that invests at every stage in companies building revolutionary technologies. The firm and its partners have been investors, founders, and early employees of prominent technology companies including PayPal, Facebook, Space Exploration Technologies (SpaceX), and Palantir Technologies.  Founders Fund was formed in 2005 and has raised five funds to date with more than $2 billion in aggregate capital under management. The firm has historically invested in a wide variety of sectors, including aerospace, artificial intelligence, advanced computing, energy, health, and consumer Internet.

General Catalyst is a venture capital firm that provides early-stage and growth equity investments. They provide ongoing momentum that accelerates ideas, careers, and companies toward standout success. They create the ideal conditions for growth, surround clients with the right people, and offer mentorship based on deep experience.  To date, General Catalyst has managed eight venture capital funds totaling approximately $3.75 billion in capital commitments.

Tiger Global Management is an investment firm that deploys capital globally. Tiger Global seeks to earn superior risk-adjusted returns for its investors over the long term.  The firm’s fundamentally oriented investments focus primarily on the global Internet, technology, telecom, media consumer, and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. The public equity efforts emphasize deep due diligence on individual companies and long-term secular themes. As a Firm, Tiger Global values integrity, intellectual honesty, continuous improvement, process over outcome, teamwork, the drive to be world-class, and long-term thinking.  Tiger Global Management was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore, and Melbourne.

Grace Beauty Capital is an early stage venture capital firm dedicated to the consumer & retail sectors founded on the core belief that deep domain and industry knowledge, operating expertise and extensive networks are essential to support early stage entrepreneurs and generate superior investment returns. Our mission is to become the premier partner for early stage digital brands, consumer and retail technology startups on the journey from kitchen table to household name.

Serena Ventures focuses on early-stage companies and giving them the opportunity to be heard. Serena Ventures extends relationships, encourages collaboration among portfolio companies, and expands partnership opportunities across my vast network.

NBCUniversal is a media and entertainment company that develops, produces, and markets entertainment, news, and information to a global audience. The company was formed through the combination of NBC and Vivendi Universal Entertainment. It owns and operates a portfolio of news and entertainment television networks, a motion picture company, television production operations, a television stations group, theme parks, and a suite of internet-based businesses. NBCUniversal was founded in 2004 and is headquartered in New York, United States with presence in California, New Jersey, Florida, Connecticut as well as London, United Kingdom. It is a subsidiary of [Comcast Corporation](https://www.crunchbase.com/organization/comcast).

GGV Capital is a global venture capital firm that invests in local founders. As a multi-stage, sector-focused firm, GGV focuses on seed-to-growth stage investments across Consumer/New Retail, Social/Digital & Internet, Enterprise/Cloud, and Frontier Tech sectors.  The firm was founded in 2000 and manages $6.2 billion in capital across 13 funds.

Fidelity is a privately-owned investment manager focusing on a diverse set of customers. It also provides IRAs, 401(k) rollovers, annuities, discount brokerage services, retirement services, estate planning, wealth management, securities execution and clearance, and life insurance services to its clients. Fidelity provides its services to individual investors, businesses, financial advisors, and institutions. It manages equity, fixed income, and balanced mutual funds. Fidelity invests in the public equity and fixed income markets across the globe. It conducts in-house research to make its investments.  It helps over 32 million people feel more confident in their most important financial goals, manage employee benefit programs for over 22,000 businesses, and support more than 13,000 financial institutions with innovative investment and technology solutions to grow their businesses. Headquartered in Boston, Fidelity serves its customers through 12 regional offices and more than 190 Investor Centers in the United States.

QuestMark Partners is an expansion-stage venture capital firm, providing growth capital to exceptional management teams across the U.S. With over $900 million under management, QuestMark targets highly-differentiated, often category-creating companies with the commercial traction and strategic position to support long-term standalone success. Since its founding in 1998, QuestMark’s collaborative, insightful, and patient approach to company building has helped many entrepreneurial firms become market leaders, across a range of industries. For more information on QuestMark, visit www.questmarkpartners.com or follow @QuestMarkVC.

Felix Capital is a venture capital firm for the creative class, operating at the intersection of technology and creativity. Felix Capital focuses on digital lifestyle, investing in authentic brands, platforms and related enabling software technologies.  Felix Capital's mission is to support entrepreneurs with big ideas, to help them build strong category-leading companies that stand out and that move the world forward. The ambition to partner with the best entrepreneurs, the creative agents of change of digital lifestyle.

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Now anyone can become a software developer.

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LeBron James joins Tonal as investor and brand partner

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iFIT postpones IPO citing volatile capital market conditions

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Clean energy solutions for the long haul.

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