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Echelon secured $65 million in financing from Goldman Sachs Growth and North Castle Partners!

Echelon Fitness Scores Another Round of Funding

CHATTANOOGA, Tenn., April 28, 2021 /PRNewswire/ -- Echelon Fitness announces another successful round of growth and funding in the first quarter. Newly raised capital will help to forge new deals, bring in new content and talent for the Echelon community and continue to bring to market innovative products across multiple retailers. New investors include Goldman Sachs Growth, North Castle Partners, and United Talent Agency (UTA).

Echelon Fitness has taken on the challenge of meeting the marketplace demand—offering a range of connected equipment at different price points, available at reputable big-box retailers and Echelon online—to suit a much broader range of at-home fitness enthusiasts. Since 2020 Echelon boasts:

  • More than five new products including a new category launch, the Echelon Stride autofold treadmill
  • Equipment in the cycling, rowing, treadmill, and fitness mirror categories
  • $65 million financing led by Goldman Sachs Growth and North Castle Partners
  • Global expansion into France and Germany, with live and on-demand programming being offered from studios in each respective country
  • Relationships with major retailers such as Walmart, Sam's Club, Best Buy, Costco, Dick's Sporting Goods, and more
In addition to UTA, several personal investments came from talent and executives across the entertainment landscape including Aaron Gordon, John Wall, and Rich Paul (Founder and CEO of Klutch Sports Group).

"We are excited to partner with Echelon as they evolve their brand across tech and entertainment," said UTA Head of Ventures, Sam Wick. "We are confident that their fanbase will continue to grow and look forward to helping take them to the next level."

The at-home fitness industry has exploded over the last year, propelled by more time at home and limited access to gyms, classes, and trainers. According to NPD retail data, health and fitness equipment revenue more than doubled to $2.3 Billion from March to October of 2020.

All indications point to continued demand for at-home equipment and live streaming content services. Since the pandemic started, 76% of Americans said they've tried working out from home, according to a survey by the New Consumer and Coefficient Capital—and 66% prefer it to the gym. An Ameritrade survey found that 59% of Americans don't plan to renew their gym memberships after the pandemic. And the Echelon Rider's are reaping the benefits. December 2020 brought more than one million rides—more in that month than the whole of 2019 combined.

"Echelon has seen exceptional growth over the past year, and we believe a significant part of it is from our focus on developing products and services that meet the consumer's needs," said Lou Lentine, President and CEO of Echelon Fitness. "Over the last year we have launched five new products, expanded into new categories and retailers and also entered new international markets. This new funding from such pre-eminent partners will help us to further enrich our class experience."

For more information about Echelon Connected equipment and memberships, visit https://echelonfit.com.

ABOUT ECHELON FITNESS

Echelon Fitness has been revolutionizing at-home connected fitness since debuting its first Connect Bike in 2017. What began as a mission to make healthy living attainable and accessible to all evolved into a line of innovative fitness solutions—as well as a thriving community. Ranging from sophisticated indoor cycling bikes to touch-screen fitness mirrors and more, every product boasts thoughtful design and state-of-the-art technology, enabling people to exercise how they want, when they want, and with whom they want. By leveraging The Echelon Fit App and United Membership, members gain access to a variety of live and on-demand classes led by down-to-earth fitness instructors. Members can also use the app to track their performance against Echelon's live leaderboard and overall progress, all while enjoying some 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 provide companies and clients with a strategic advantage. The team has built, advised, and invested in a portfolio of over 40 businesses 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' haircare line, Anomaly; Tia Mowry's multicultural wellness company, Anser; and Emma Chamberlain's Chamberlain Coffee, among others.

SOURCE Echelon Fit
 
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