Hydrow Raises $25 Million Led by LVMH Fund to Take On Peloton
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Hydrow, a maker of $2,199 rowing machines that competes against Peloton Interactive Inc. for a share of the at-home fitness market, raised $25 million from investors led by L Catterton, a LVMH-backed private equity firm.
The Cambridge, Massachusetts-based startup, which has seen sales jump by 400% during the pandemic, intends to expand rowing content and mat-based strength and yoga offerings, Chief Executive Officer Bruce Smith said in an interview. The proceeds will also help pay for nationwide sales and marketing efforts as it focuses on direct-to-consumer distribution, Smith said.