Lou Lentine on the home fitness market
The 51-year-old musician and business mogul, whose portfolio includes the entertainment group Roc Nation, the streaming service Tidal, Cognac, D’Usse and new cannabis Brand monogram, invests in the home fitness equipment brand LIT Method, the company announced on Tuesday.
Jay Z’s venture capital firm Marcy Ventures invests in a fitness company. (Photo by Stephen Lovekin / Getty Images)
Shawn “Jay-Z” Carter’s venture capital firm Marcy Venture Partners supports the Los Angeles-based fitness company, which specializes in weight training, cardio and physical therapy all in one machine. The machine includes an all-in-one water rower, Pilates reformer, and resistance band training system that offers hundreds of exercises such as barre and strength training, as the company describes on its website.
Founded by Justin and Taylor Norris during the height of the coronavirus pandemic in May 2020, the LIT method offers live and daily digital workouts done with only bands and body weight, according to the company. It competes with pelotons and weightless weight machines Tonal and Mirror, among others on the market.
Los Angeles Dodger and five-time MLB All-Star Adrian Gonzalez are also leading the funding round. However, the financial terms of the investments were not disclosed.
The home fitness market continues to gain momentum after the pandemic as more Americans work remotely. Consumers are investing in home fitness equipment to add to gym workouts like CrossFit, Orange Theory, and F45, among others. Search suggestions. According to a 2020 research firm report, free weights sales increased 4% over the past year NPD group. And the demand for home fitness equipment during the pandemic was so high that customers waited months for items like spinbikes and treadmills from affiliate fitness company Peloton to see the offer Chain problems last year.
Jay-Z co-founded Marcy Ventures in 2018 with Roc Nation’s Jay Brown and Larry Marcus. The company has supported companies like Rihanna’s clothing brand Savage X Fenty.
It’s unclear whether Beyonce’s husband will team up using the LIT method for a music streaming component. Beyonce partnered with Peloton last November to produce streaming content and workouts Lessons with their music.