The business of biking is shifting gears, from home workouts and studio classes to cycling outdoors.
Spin Cycle
The studios are trying to keep up with the rebound.
Barry’s is eyeing expansion, with nearly every location fully open, and utilization on par with pre-COVID levels.
The high-end HIIT studio has a reputation that surpasses its physical footprint in 14 countries.
The company is launching an indoor cycling studio.
RIDE x LIFT follows the interval studio’s traditional format where members alternate between cardio and strength-based programming. The bike replaces the treadmill in this case, making it easier to work out.
Debuting in a dedicated space adjacent to the brand’s NYC studio, RIDE was piloted pre-COVID but was removed as gyms shuttered
RIDE plans to add more studios within or in close proximity to Barry’s locations.
Despite being a renowned boutique cycling brand, SoulCycle was slow to introduce its at- home bike, missing out on the connected fitness boom. The company recently closed 19 studios and laid off 75 employees because members didn’t rush back after restrictions were lifted.
F45 Training paid $25M to acquire the Flywheel Sports trademark.
In the last decade, Flywheel opened 40+ studios and briefly offered an at- home bike. The brand folded in 2020 after a series of financial and legal mistakes.
F45 was planning a comeback this summer before its core business crumbled. With F45 putting expansion and new concepts on hold, it is not certain if Flywheel will ever be resurrected.
Xponential reached agreements to enter Japan, Australia and New Zealand as well as topping 260 open studios with CycleBar.
Swerve Fitness is another approach. The company is moving from a brick-and-mortar studio to a B2B content company and is also signing new partners.
Remote Ride
Digital and connected fitness brands are adjusting to the new normal where fitness seekers can leave their homes.
We took a deep dive into the company’s restructuring a few weeks back. The aim is to make money by focusing on content and fitness-as-a-service.
After testing a limited rental option for new and used bikes, Barry McCarthy said that Peloton is expanding the program nationwide to reach value-minded consumers.
First-time Bike and Bike+ members will receive an equipment and unlimited content bundle for $89 or $119 per month. There is also a buy-out option.
Between July 2020 and July 2022, sales of Peloton bikes on eBay increased 80%. The company wants to keep its customers and equipment in its network.
The company didn’t quit equipment completely after scrapping its smart bike and laying off staff.
It launched Hub, a bike trainer that syncs most road bikes to its virtual cycling universe last week. The white-labeled Volt trainer is manufactured by JetBlack, a company that did not make this hardware.
According to CEO Eric Min, the offering makes it a little easier to access the content, while undercutting the price of other trainers.
It’s a fact that content is the king. The popularity of hardware-agnostic cycling content is proving to be the same as that of streaming content to third-party equipment. Riders are creating equipment and content bundles of their own with the help of digital-only classes.
Pedal Pusher
Road and trail biking’s hot streak is cooling.
Americans spent about $6 billion on bikes in 2019. The number increased to $7B in 2020 and more than $8B in 2021.
Through the first half of the year, sales at US bicycle retailers declined by 7% compared to last year, compared with jumps of 42% and 4% during the same period in 2020 and 2021.
Bike prices went up in 2021. The average price of road bikes increased. Pricing will follow as demand and inventory are normalized.
Riding new-found momentum into the future, cross/gravel bikes are expected to perform well.
After two years of ups and downs, biking brands are starting to settle into a more predictable speed. It will be difficult to keep riders in the saddle at home, studio, or outdoors.
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The founder and CEO of January Artificial Intelligence talks about her platform using artificial intelligence and continuous glucose monitors to personalize lifestyle recommendations.
Digital twins, predictive health, and more are also covered by us.
This is where you can listen to today’s episode.
The Apple watch is for endurance sports and outdoor activities.
The device has a larger screen, titanium case, and an action button.
- Off-the-grid features include a built-in compass, GPS with waypoints, depth gauge, and an emergency siren.
- Six real-time metrics can be viewed at once. For running, new data forms include stride length, ground contact time, vertical oscillation, and running power.
- Upgraded workout views enable segments, splits, and elevation, as well as features like heart rate zones, pacing, and custom workouts.
- Two temperature sensors inform modules for stress management, sleep, menstrual cycles, and high-level disease detection.
By launching a rugged, outdoorsy watch for $799, Apple is undercutting adventure watch makers who typically charge $200–300 more.
While committed Garmin wearers are unlikely to abandon their devices, Apple is running a familiar approach. The tech giant can gain traction and user insight by testing the waters and appealing to the casual endurance athlete.
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The company is looking to raise $100 million.
Makers of a wall-mounted, tech-enabled strength training machine are looking for capital to expand their business.
The company and home fitness brands have gone through ups and downs.
- Benefiting from pandemic lockdowns, Tonal gained a 90% share of the smart strength category as sales surged 800% in 2020.
- Last April, it landed $250M at a $1.6B valuation, bringing its total funding to $450M.
- This July, as COVID restrictions lifted and gym visits rebounded, the company laid off 35% of its workforce.
The equipment maker expects to make more than $100M in subscription revenue over the next year.
As consumer behavior swings, brands like Peloton and iFIT are in a difficult spot. The company will have to do better than competitors and expectations going forward, because new investors will receive favorable terms.
While competitors change their business models and test equipment rentals, Tonal seems committed to selling a $3,500 smart gym. It is not clear whether that strategy shifts with new capital in hand.
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- On launches sustainability-focused resale site.
- Peloton co-founder John Foley resigns from chairman role.
- Xponential signs high seas studio agreement with Princess Cruises.
- Startup Q&A: BelliWelli CEO Katie Wilson on destigmatizing gut health.
- Fitt Jobs: The go-to resource for hiring/getting hired in health & fitness.
- Air Force enlists Sparta Science and Oura for combat readiness scores.
- Sleep Cycle partners with Gympass to bring sleep tracking to corporate wellness.
- Trailblazer Venture Studio announces first cohort shaping the future of women’s sports.
- Rootine, a personalized nutrition company, secured $10M in a Series A round led by Relevance Ventures.
- AI nutrition and wellness platform InsideTracker raised $15M in a Series B round led by PeakBridge.
- Mental health platform Headspace Health acquired Shine, a self-guided mindfulness app, for an undisclosed sum.
- Redesign Health, a firm acting as a launchpad for healthcare startups, secured $65M in a Series C round, valuing the company at $1.7B.
- LetsGetChecked, an Ireland-based at-home diagnostic platform, secured €20M ($20M) from JPMorgan’s Morgan Health.
- Misfits Market, a produce box service reducing food waste, acquired competitor Imperfect Foods.
- Cipher Skin, maker of connected textiles and apparel, landed an undisclosed investment from Tribe Capital, Draper Capital, and others.
More from Fitt Insider: Next-Gen Wearables
- Castore, a British sportswear brand, secured a £50M ($57.5M) credit facility.
- DTC running shoe startup Hilma added $3M in a seed round led by Brand Foundry Ventures.
- Wellness-focused restaurant chain True Food Kitchen raised $100M in a funding round co-led by HumanCo and Manna Tree.
- Indoor farming startup Gotham Greens secured $310M in a funding round and will expand nationwide.
- PowerPlant Partners closed a $330M fund to invest in plant-based, sustainable companies.
More from Fitt Insider: Our conversations with PowerPlant’s Dan Gluck
- Netherlands-based Venturerock launched a $75M sports tech venture investment company.
- LYKON, a German personalized nutrition and wellness company, closed €10M ($10M) in Series A round.
- LegitFit, an Irish gym and studio management software company, closed €1M ($1M) in a seed round led by Delta Partners.
- Denmark-based Kollektiv, a decentralized and performance-centered personal training platform, secured €1.5M ($1.5M) in pre-seed funding.
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