At-home connected rower company Hydrow, Boston, has raised approximately $55 million in Series D funding, the company announced on March 17. This latest round of funding was led by Constitution Capital with continued support from L Catterton and RX3 Ventures and additional participation from Liberty Street, Activant Capital and Sandbridge Capital.
The new capital will enable continued investment in product innovation, facilitate global expansion, accelerate brand awareness and scale operations needed to meet the rapidly growing consumer demand, according to the announcement.
"As more and more people embrace a hybrid approach to fitness, we continue to see extraordinary adoption, and our top priority is ensuring we can keep meeting that demand," said Bruce Smith, CEO and founder of Hydrow. "This latest round of funding will not only allow us to do that but will give us the opportunity to further invest in our product offering and drive innovation so we can continue to deliver a best-in-class experience for our members."
Over this past year, Hydrow has experienced continued momentum with revenue growing more than three times from 2020 to 2021. Further, the Hydrow community is growing with more than 200,000 users. Hydrow has also expanded its offering for members, releasing workouts from new locations across the United States and Europe, and all-new workout formats, including coastal rowing. The company also bolstered its athlete roster with the addition of Singapore's first Olympic rower, Aisyah Rafaee.
"We continue to have strong conviction in Hydrow's growth prospects as consumers are increasingly drawn to rowing as an efficient and effective workout to fuel their busy lives," said Michael Farello, a managing partner in L Catterton's Growth Fund. "Even as gyms and studios reopen their doors, we remain confident that connected fitness is here to stay and differentiated concepts such as Hydrow are well-positioned for the future."
Hydrow offers nearly 4,000 live and on-demand workouts led by athletes, including Olympians and Paralympians, that transport users to waterways around the world, with locales including London, Lucerne, Miami, Los Angeles, Boston and more.