CITYROW Secures $12M Series A Round to Support Continued Growth of Omnichannel Streaming and In-Person Fitness Company
Release Date: 7/21/2021
--Financing Round Led by JW Asset Management; Company Adds JW CFO Jason Klarreich and Fyllo CEO Chad Bronstein to Board of Directors--
--Funds to be Used to Enhance Platform and Launch Live Streaming Fitness Classes--
NEW YORK -- CITYROW (the Company), a leading omnichannel fitness brand offering rowing classes through its combined at-home digital platform and nationwide brick-and-mortar studio network, announced today the closing of a $12 million Series A Round. The financing round was led by JW Asset Management and also included Sol Global and K2. JW Asset Management CFO Jason Klarreich and Fyllo Founder and CEO Chad Bronstein have joined the Company's Board of Directors. Proceeds from the raise will be used to enhance the Company's at-home digital platform, launch live-streaming classes and expand its company-owned and franchise studio model.
Since opening its first brick-and-mortar studio in 2014 and launching its digital platform in 2018, CITYROW has experienced tremendous growth, which is largely attributable to sales of rowing machines, monthly subscriptions of its connected at-home rowing platform and franchise sales. Over the last 12 months, the Company has experienced 375% revenue growth.
A pioneer in smart and omnichannel fitness, CITYROW now boasts more than 4,000 monthly subscribers who have access to a vast library of more than 700 on-demand classes. The Company has sold 65 franchises (11 built and operational) throughout the United States, and expects to open a combined twelve additional company-owned and franchise studios in the next 12 months.
"CITYROW has all the elements in place to bring our scalable, omnichannel fitness model to the masses. Our hybrid offering empowers anyone, anywhere -- at-home or in-studio -- access to the CITYROW experience. We have built an unbelievable technology platform, fitness team and a strong board, including proven business leaders like Jason and Chad. Each of our valued board members and advisors is committed to supporting our future capital raising efforts, as well as providing operational guidance and helping shape our vision for the future," said Helaine Knapp, Founder and Chief Executive Officer of CITYROW.
Knapp continued, "With access to additional capital, CITYROW will launch live-streaming, expand the number and types of classes offered, and continue to strengthen our proprietary performance tracking and measurement platform. Other important initiatives include bolstering our operations, building a more seamless integration between the in-studio and at-home experience and expanding our studio footprint to provide an incomparable experience to the thousands of individuals who rely on CITYROW to drive their fitness regimen."
"CITYROW's unbelievable 97% customer retention rate validates the strong and sticky business Helaine and her team have built over the last 7 years," said Jason Klarreich. "The Company's diversified product offering, combining the positive attributes of both on-demand and in-person fitness, has created a loyal and growing community of users across the country. We are confident that under Helaine's leadership, CITYROW will continue to establish itself as a world class brand and overall business model."
Today, fitness-minded consumers seeking a high intensity, low-impact, results-focused workout visit locations in New York City , Los Angeles, San Diego, Atlanta, Boca Raton and Dallas. More than 10% of in-person CITYROW class participants use the CITYROW GO Rower at home, highlighting the growing trend of omnichannel fitness consumption as consumers seek to take advantage of the convenience of on-demand home workouts, combined with the heightened experience and community that can only be delivered in-person.
Chad Bronstein added, "Once I experienced CITYROW, I was hooked. I knew this was a company and management team I needed to get behind. Helaine has proven to be an incredibly strong leader that has evolved the business from solely an in-person studio offering, to a national, omnichannel tech brand. She has a clear vision for the future and the motivation and ability to execute."
Founded in 2014 by Helaine Knapp, CITYROW is an omni-channel fitness brand that offers workouts through its connected at-home rowers, digital platform and studio locations nationwide. CITYROW has redefined rowing by making it fun, approachable and accessible for anyone through its signature style of form-focused instruction, unique class formats and proprietary technology designed to help consumers track their performance and progress.
Consumers can access workouts through a CITYROW GO Rower, the CITYROW GO App, or with a live instructor in a group fitness setting at a CITYROW studio location. The brand has 12 studios across the country with additional locations set to open in the near-future. For more information, visit www.cityrow.com.
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