LOGAN – iFit, which is owned by ICON Health and Fitness in Logan, has recently received a significant investment of cash to keep growing in the connected fitness industry. The company announced that it has received a $200 million growth equity investment led by Pamplona Capital Management.
iFit is a streaming technology that interacts with the user, an iFit trainer and an internet-connected workout machine.
“This capital raise will allow iFit to further accelerate its rapidly growing interactive fitness platform in the connected home and club fitness industries,” said ICON Founder, Chairman and CEO Scott Watterson in a statement. “We will dramatically expand consumer awareness, broaden the most expansive library of interactive fitness content in the world, and continue to invest in innovation and technology that truly enhances our customers’ fitness experience.”
The company currently has 330,000 paid memberships, including nearly 80,000 added in the last quarter. The iFit program adjusts the speed, incline, decline, and resistance of iFit-enabled machines in sync with interactive trainer-led streaming workouts shot on location around the world.
Watterson said his company is focused on bringing interactive fitness experiences to as many consumers as possible, on as many products as possible, as fast as possible, and this recent capital investment will help achieve that goal.
The workouts are available in English, Spanish, Mandarin Chinese and French with more languages planned in 2020.