Peloton, which is a home cycling and running studio specialist, has now announced an amount of $550 million Series F in its financing round, capital that will enable the company to continue to innovate aggressively and to expand into more international markets.
The funding brings the total amount raised, according to CrunchBase, to $994.7 million. According to the announcement, this round puts Peloton’s company to be valuated at the cost of $4 billion.
This round of investment is led by the TCV, which is one of the world’s largest technology growth equity firms. Nearly all of Peloton’s existing institutional investors, which includes the Tiger Global, True Ventures, Wellington Management, Fidelity (FMRCo), NBCUniversal, Kleiner Perkins and Balyasny, participated in this round, joined by some of the new investors, which includes Felix Capital, Winslow Capital and other mutual fund partners.
Jay Hoag, founding general partner of TCV, who also serves on the board of Director at 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 from the year 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.”
An amount of $550M Series F round will brings the total equity which is raised by Peloton to nearly an amount of $1 billion since its inception, and positions Peloton to take full the entire advantage of the growing global trend of instructor-led fitness classes moving into the home.
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