- Icon Health & Fitness — a company that is known for developing exercise equipment and fitness software — has raised $200 million at a reported valuation of more than $7 billion
Icon Health & Fitness — a company that is known for developing exercise equipment and fitness software — has raised $200 million from several investors including L Catterton and current backer Pamplona Capital Management. And this latest round of funding values Icon at over $7 billion, according to Bloomberg’s sources.
Icon Health & Fitness is known as being the owner of the NordicTrack, ProForm, and Freemotion brands. And Icon Health & Fitness also runs the iFit on-demand streaming platform. The company is profitable and it posted revenue of over $1 billion in the 12 months through September.
“Health and fitness have never been more important to consumers globally, and we are seeing explosive growth across our subscription software and fitness equipment businesses,” said Icon founder and Chief Executive Officer Scott Watterson in a statement. “We saw this fast-growing demand going into 2020, and this has accelerated sharply as people’s desire to stay healthy has intensified.”
Watterson noted that L Catterton has had a solid track record of investing in fitness and consumer businesses. For example, L Catterton has invested in Peloton, Hydrow, Core Power Yoga, and Pure Barre.
L Catterton co-CEO Scott Dahnke pointed out that Icon’s “broad range of products across price points has democratized fitness, making it more accessible to everyone, everywhere.” Icon is known for making treadmills, rowers, and ellipticals.
iFit has around 700,000 paid subscribers. And the service is offered in English, Spanish, French, and Mandarin. More languages will be added next year.
