Peloton, the exercise bike startup that lets you stream indoor cycling classes from your home, just filed for an IPO. 🚲
And now for a quick trip down Product Hunt memory lane...
Peloton was founded by former Barnes & Noble e-commerce executive John Foley in 2012, when he realized that his instructor-led workouts were much more rewarding than his solo gym sessions.
With a $3.5 million Series A in the bank and a Kickstarter campaign for its internet-connected bike, the company garnered popularity by tapping celebrity fitness instructors to lead remote classes.
A few first impressions on Product Hunt:
“Prioritizing healthy habits while working long hours at a startup DEFINITELY took a toll on me. Like any fitness and healthy eating routine, you need to find what works for you and your schedule. Peloton definitely accomplished that for me. Since purchasing the bike in November, I've cleaned up my act and have lost close to 30 pounds.” - Giselle
“I've become a metrics junky; the bikes ability to record everything and show progress is great.” - Mario
A bike costs $2,200, in addition to Peloton’s digital library of fitness classes (which can be streamed live or on-demand), which cost $39 per month.
In 2018, Peloton launched Tread, a connected treadmill that will run you $4,295. For context, you can typically buy a new treadmill for under $1,000, or one off Craigslist for a few hundred dollars.
“Very ambitious and lots of challenges to overcome convincing people to drop $$$. But I could see this cutting into the market of high intensity interval training gyms like Orangetheory. Being able to take those types of classes on demand/on your own time and getting a similar experience could be its biggest selling point.” - Brad
To date, Peloton has 1.4 million community members (people who have a Peloton account). Last year, the company raised a $550 million Series F at a $4.15 billion valuation. Peloton reported $915 million in total revenue this fiscal year, an increase of 110% from 2018. It’s losses, however, were significantly higher than last year, at $245.7 million up from $47.9 million.
The company also gave rise to more at-home fitness startups, like Mirror (an interactive home gym that’s a mirror), Tonal (a digital strength training system), ClassPass Live (live-streaming at-home workout classes) and Studio (digital running coaching), to name a few. 💪
Peloton plans to raise $500 million in its Nasdaq offering will trader under the ticker PTON.
NEW POD! This week, we talked to Mighty Networks founder and CEO Gina Bianchini. She covers:
📺 Instagram Stories replacing TV
👀 The emerging trend of community-powered businesses
👏 Why there's no niche that's too small in 2019
Listen here. 👈