Rowing startup Hydrow acquires majority stake in Speede Fitness as CEO resigns

Hydrow, the home rower, announced Thursday that it has acquired a majority stake in Speede Fitness, the company behind the AI-enabled exercise machine.

The rowing startup also announced that CEO and founder Bruce Smith would step down and president and CFO John Stellato would take over day-to-day operations, according to CNBC. Smith is now chairman of Hydrow’s board of directors.

Hydrow declined to share the majority share it now owns in Speed ​​Fitness. It’s possible the company could acquire the rest of Speede, but that remains uncertain at this time.

Founded in 2017, Hydrow’s connected rowers (which range from $1,695 to $3,995) simulate the feeling of rowing on water through a patented, computer-controlled electromagnetic drag 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 like Travis Kelce and Justin Timberlake.

As of April, sales of shipped units were 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 home gym experience, combining isotonic, isokinetic and eccentric training to deliver 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 also offers other workouts like yoga, Pilates and functional movements.

“This innovative product will feature a state-of-the-art digitally variable resistance platform with adaptive feedback,” Smith explained.