– USA, NY – Peloton, the global fitness technology company, today announced a $550 million Series F financing round; capital that will enable it to continue to innovate aggressively and to expand into more international markets. The round is led by TCV, one of the world’s largest technology growth equity firms. Nearly all of Peloton’s existing institutional investors, including Tiger Global, True Ventures, Wellington Management, Fidelity (FMRCo), NBCUniversal, Kleiner Perkins and Balyasny participated in this round, joined by new investors, including Felix Capital, Winslow Capital and other mutual fund partners.
Jay Hoag, Founding General Partner of TCV, who also serves on the board of Netflix, Electronic Arts, Zillow, and other prominent technology companies, will join the Peloton Board of Directors. He joins TCV Venture Partner Erik Blachford, who has been on Peloton’s board since 2015.
“We are truly honored to partner with TCV and with Jay Hoag personally,” said John Foley, founder and CEO of Peloton. “TCV’s reputation, experience, and involvement in businesses like Netflix, Spotify and Facebook will be invaluable as we build Peloton into one of the most unique and influential global consumer product and media companies of our day.”
“We look for companies that offer their consumers a great value proposition, have engaged and delighted customers, and are led by visionary CEOs who have built a world-class management team,” said TCV’s Founding General Partner Jay Hoag. “We found all of these characteristics in Peloton and look forward to working with John and the entire team on their journey to revolutionize the home fitness category.”
The $550M Series F round brings the total equity raised by Peloton to nearly $1B since its inception, and positions Peloton to take full advantage of the growing global trend of instructor-led fitness classes moving into the home.
The financing will be used for general corporate purposes, including providing liquidity to certain existing shareholders, and is scheduled to close in the third calendar quarter, subject to customary closing conditions and regulatory approvals.
About Peloton
Founded in 2012, Peloton is reinventing fitness by bringing live and on-demand boutique-style studio classes to the convenience and comfort of your own home. Our immersive fitness content, taught by Peloton’s roster of elite instructors, features real-time motivation and curated playlists of your favorite artists. The Peloton experience can be accessed through the Peloton Bike, the Peloton Tread, or Peloton Digital, an iOS app that offers an all-access pass to a full slate of fitness offerings, anytime, anywhere. Peloton is changing the way people get fit through a comprehensive and socially connected experience that makes every workout both efficient and addictive. The company has a growing number of retail showrooms across the US and, starting this fall, will launch in the UK and Canada.
For more information : http://www.onepeloton.com
About TCV
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since inception, TCV has invested over $10 billion in leading technology companies and has helped guide CEOs through more than 115 IPOs and strategic acquisitions. Investments include Airbnb, Altiris, AxiomSL, Believe Digital, Dollar Shave Club, EtQ, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, HomeAway, LinkedIn, Netflix, Rent the Runway, Sitecore, Splunk, Spotify, TourRadar, Varsity Tutors, and Zillow. TCV is headquartered in Menlo Park, California, with offices in New York and London.
For more information : http://www.tcv.com
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