ICON-owned iFit receives major funding to expand

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.

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  • Free Bird December 21, 2019 at 4:31 pm Reply

    Funny, old Scott Watterson moved his operations to China because of his hiring illegal aliens, now they give him money?

    • Fact check yourself it’s 2019 December 22, 2019 at 2:30 pm Reply

      Free bird, What you say is 100% untrue. Misinformed and a lie. Operations weren’t “moved to China because of hiring illegal aliens”. You are somehow combining A 2007 ICE raid (which wasn’t an Icon or a Miller problem, that’s a US problem of access to legal SSN’s that run clean through a government background check) and a 2016 shut down of a factory in Logan that accounted for about 5% of the total ICON volume at that time. To spare the detail and keep it simple for you, that’s 9 years apart, and two completely separate things. This type of comment, uneducated and slandered, shows a lot about you. Fact check yourself or be quiet. This news is about HUNDREDS OF PEOPLE working hard on an amazing technology that is giving people in the fitness world what they want. And it’s pretty obvious if a group like Pamplona is throwing $200 million at it, it’s for real.

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