Hydrow, the popular at-home rowing machine company, has made a significant move in the fitness industry. The company recently acquired a majority stake in Speede Fitness, the company behind an AI-enabled strength training machine. This acquisition marks Hydrow’s expansion into the strength-focused fitness market.
The announcement also brought news of a change in leadership within Hydrow. CEO and founder Bruce Smith will be stepping down, and John Stellato, currently the President and CFO, will take over day-to-day operations. Smith will continue to be involved with the company as the chairman of Hydrow’s board.
While the exact details of the majority stake acquisition were not disclosed by Hydrow, there is speculation that the company may eventually acquire the remainder of Speede Fitness. These developments show Hydrow’s commitment to diversifying its offerings and becoming a comprehensive “whole-body health company.”
Hydrow’s rowing machines have gained popularity since the company’s founding in 2017. The machines, ranging in price from $1,695 to $3,995, provide users with a realistic experience of rowing on water through a patented electromagnetic and computer-controlled drag mechanism. The company has been successful in attracting investments, raising a total of $300 million so far. Notable investors include Activant Capital, Constitution Capital, L Catterton, Liberty Street, RX3, and Sandbridge Capital. Hydrow has also gained support from professional athletes and celebrities such as Travis Kelce and Justin Timberlake.
According to TechCrunch, Hydrow has experienced a significant increase in unit sales. In April, delivered unit sales were up by an impressive 35% compared to the previous year. This growth is a testament to the quality and appeal of Hydrow’s products.
Speede Fitness, backed by NFL athletes Cole Kmet, Jaylon Johnson, and Justin Simmons, offers a comprehensive home gym experience. Their strength training machine combines isotonic, isokinetic, and eccentric training methods to provide users with challenging and effective workouts. By acquiring Speede Fitness, Hydrow is expanding its product offerings beyond rowing and into the strength training market.
Hydrow’s long-term goal is to integrate strength-focused experiences into its connected fitness platform by 2025. This integration will provide users with a seamless and holistic fitness experience. In addition to rowing and strength training, Hydrow currently offers other workout options such as yoga, Pilates, and functional movement exercises.
Bruce Smith, the founder of Hydrow, expressed his excitement about the acquisition. He mentioned that the new strength training product would be tech-forward, featuring a digitally variable resistance platform with adaptive feedback. This indicates that Hydrow is committed to incorporating innovative technology into its products to enhance user experience and maximize results.
The acquisition of Speede Fitness by Hydrow is a strategic move that positions the company for further growth and expansion in the fitness industry. With a strong foundation in rowing machines and a growing customer base, Hydrow is well-positioned to become a leader in the connected fitness market. By diversifying its offerings with strength training and integrating the latest technology, Hydrow aims to provide users with comprehensive fitness solutions that deliver results.