Hydrowmaker of home rowing machines, announced Thursday that it has acquired a majority stake Speede Fitnessthe company behind the AI-powered strength training machine.
The rowing startup also announced that CEO and founder Bruce Smith will step down and President and CFO John Stellato will take over day-to-day operations, per CNBC. Smith is now the chairman of Hydrow’s board.
Hydrow declined to share the majority stake it now has in Speed Fitness. It is possible that the company will acquire the rest of Speede, but it is uncertain at this time.
Founded in 2017, Hydrow’s connected rowing machines (ranging from $1,695 to $3,995) simulate the sensation of rowing on water through a patented electromagnetic and computer-controlled traction mechanism. The company has raised $300 million to date and boasts notable investors such as Activant Capital, Constitution Capital, L Catterton, Liberty Street, RX3 and Sandbridge Capital, as well as several professional athletes and celebrities such as Travis Kelce and Justin Timberlake.
Since April, unit sales of deliverables are up 35% year-over-year, Smith told TechCrunch.
Backed by NFL athletes (Cole Kmet, Jaylon Johnson and Justin Simmons), Speede Fitness offers a full body fitness experience, combining isotonic, isokinetic and eccentric training to provide more challenging and effective workouts.
As Hydrow aims to become a “whole body health company,” the acquisition allows it to expand into strength-focused experiences, which the company will integrate into its connected fitness platform by 2025. In addition to rowing, Hydrow offers other training such as yoga, Pilates and functional movement.
“This innovative product will feature a technology platform, digitally variable resistance with adaptive feedback,” explained Smith.
