CHATTANOOGA, Tenn., April 28, 2021 / PRNewswire / – Echelon Fitness announces another successful growth and financing round in the first quarter. Fund raised will help close new deals, bring in new content and talent for the Echelon community, and continue to bring innovative products to multiple retailers. New investors include Goldman Sachs Growth, North Castle Partners and United Talent Agency (UTA).
Echelon Fitness has risen to the challenge of meeting market demand. It offers a range of connected devices at different prices, available online from reputable big box retailers and Echelon, to cater to a much wider range of home fitness enthusiasts. Since 2020 Echelon offers:
- More than five new products including a new category, the Echelon Stride Autofold treadmill
- Equipment in the categories of cycling, rowing, treadmill and fitness mirror
- $ 65 million Financing led by Goldman Sachs Growth and North Castle Partners
- Global expansion in France and GermanyLive and on-demand programs are offered by the studios in the respective countries
- Relationships with major retailers such as Walmart, Sam’s Club, Best Buy, Costco, Dick’s Sporting Goods, and others
In addition to UTA, there have been several personal investments from talent and executives from across the entertainment landscape including Aaron Gordon, John Wall, and Rich Paul (Founder and CEO of the Klutch Sports Group).
“We are very excited to be working with Echelon to advance the brand in terms of technology and entertainment,” said UTA Head of Ventures. Sam Wick. “We are confident that their fan base will continue to grow and look forward to taking them to the next level.”
The home fitness industry has exploded in the last year, fueled by more time at home and limited access to gyms, classes, and coaches. Health and fitness equipment revenues have more than doubled, according to NPD retail $ 2.3 billion from March to October 2020.
All signs point to continued demand for home devices and live streaming content services. According to a survey by the New Consumer and Coefficient Capital, 76% of Americans said they have tried exercising from home since the beginning of the pandemic – and 66% prefer to go to the gym. An Ameritrade poll found that 59% of Americans have no plans to renew their gym membership after the pandemic. And the Echelon Riders benefit from it. December 2020 brought more than a million trips – more this month than all of 2019 combined.
“Echelon has seen exceptional growth over the past year and we believe a significant portion of that has come from developing products and services that meet consumer needs,” said Echelon Lou Lentine, President and CEO of Echelon Fitness. “In the past year we launched five new products, expanded into new categories and retailers, and also entered new international markets. This new funding from such outstanding partners will help us further enrich our classroom experience.”
For more information on Echelon Connected devices and memberships, see https://echelonfit.com.
ABOUT ECHELON FITNESS
Echelon Fitness has revolutionized connected fitness at home since the debut of its first Connect Bike in 2017. What began as a mission to make a healthy life accessible and accessible to all has grown into a range of innovative fitness solutions – as well as a thriving community. Ranging from sophisticated indoor cycling bikes to touchscreen fitness mirrors and more, each product features a well-thought-out design and state-of-the-art technology that allows people to train how they want, when they want and with whom they want. By using the Echelon Fit app and United membership, members get access to a variety of live and on-demand courses led by down-to-earth fitness trainers. Members can also use the app to track their performance with Echelon’s live leaderboard and overall progress while enjoying healthy competition. For more information, visit https://echelonfit.com/.
ABOUT UTA VENTURES
UTA Ventures leverages the agency’s expertise, relationships, and endemic knowledge of the entertainment business landscape to create a strategic advantage for businesses and clients. The team has built, advised and invested a portfolio of over 40 companies with a collective valuation of billions, including Masterclass, Cameo, Patreon, Cloud9, Pocket.watch, Radish Fiction, NTWRK and more. The department also builds business for clients, including Priyanka Chopra Jonas’ Hair care line, anomaly; Tia Mowry multicultural wellness company Anser; and Emma Chamberlains Chamberlain Coffee among others.
SOURCE Echelon Fit