The at-home IPO
Peloton, the exercise bike startup that lets you stream indoor cycling classes from your home, filed for an IPO last week. š²
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.Ā
With a $3.5 million Series A in the bank and aĀ Kickstarter campaign for its internet-connected bike, the company garnered popularity by tapping celebrity fitness instructors to lead remote classes.Ā
A fewĀ first impressions on Product Hunt:Ā
āPrioritizing 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.āĀ - GiselleĀ
āI've become a metrics junky; the bikes ability to record everything and show progress is great.āĀ - MarioĀ
A bike costs $2,200, in addition to Pelotonās digital library of fitness classes (which can be streamed live or on-demand), which cost $39 per month.Ā
In 2018, Peloton launchedĀ 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.Ā
āVery 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.āĀ - BradĀ
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. Itās losses, however, were significantly higher than last year, at $245.7 million up from $47.9 million.Ā
The company also gave rise to more at-home fitness startups, likeĀ MirrorĀ (an interactive home gym thatās a mirror),Ā TonalĀ (a digital strength training system),Ā ClassPass LiveĀ (live-streaming at-home workout classes) andĀ StudioĀ (digital running coaching), to name a few. šŖ
Peloton plans to raise $500 million in its Nasdaq offering will trader under the ticker PTON.
GIVEAWAY!Ā We're giving a $150 Lyft Gift Card away. Enter to winĀ here.Ā
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Everything you missed this past week on Product Hunt: Top products, spicy community discourse, key trends on the site, and long-form pieces weāve recently published.