Ergatta was valued at $200 million in a $30 million funding round led by Advanced Venture Partners. The company makes a premium rower and gamified software which it sells via subscription. Demand for the rower has boomed during the pandemic. See more stories on Insider’s business page.
Connected-fitness startup Ergatta has been valued at $200 million.
The company told Insider that it had raised $30 million in Series A funding in a round led by Advanced Venture Partners (AVP).
Greycroft, Fifth Wall, Gaingels, and Hans Tung, a managing partner at GGV, also took part in the funding round.
Ergatta said it would use the funding to scale its supply chain as demand continues to grow, as well as develop content including new games, enhanced social features, and live competitions and events.
The new round brings Ergatta’s total capital raised to $35 million, following a $5 million seed round announced in July 2020.
Ergatta only launched sales in March 2020, but business has been so good that the company sold out of its luxury rowers multiple times during the pandemic.
The company told Insider it now has a $35 million annual run rate, based on sales so far this year.
“I’ve been investing in startups for a long time and I’ve rarely seen a new consumer brand gain traction this quickly,” Ian Sigalow, co-founder and partner of returning investor Greycroft, said in a statement shared with Insider.
“If you haven’t heard of Ergatta yet, you will soon.”
Ergatta makes just one product, a $2,200 rower, and sells its software through a subscription model where customers pay $29 each month. This includes goal-based plans and interval workouts, and you can compete against both the machine and other Ergatta owners.
The company said that on average its users work out more than 10 times a month for at least 20 minutes.
The brand’s CEO Tom Aulet told Insider that he believes that even as the economy reopens, people