Falling from pandemic highs, connected fitness has cooled, putting nearly all IPO activity on pause. But one equipment maker is testing the public market.
What’s happening: FORME, makers of a connected fitness mirror, confidentially filed to go public.
According to Bloomberg, the company is seeking $50M in funding, valuing the company north of $200M. Of note, according to Crunchbase, FORME has raised $128M to date.
For context: Founded in 2017, FORME opened pre-orders for its interactive fitness screen in 2020. Available as a standalone unit or outfitted with resistance training arms or ballet barre, FORME competes with the likes of Tonal and lululemon’s MIRROR.
In terms of traction or revenue, little is known about FORME’s peformance to date. And the company declined comment on Bloomberg’s report. But if this IPO filing proceeds, we’ll get a detailed look at how FORME has fared relative to competitors.
Zooming out: Riding pandemic-induced demand, connected fitness startups collectively raised billions… but the workout-from-home gold rush appears to be over.
Now, the same companies are restructuring in search of profitability and sustainable growth.
- After withdrawing its IPO and laying off staff, iFIT instead took on a $355M investment, shrinking its valuation from $7B to $3B.
- Despite cutting over 3K jobs, outsourcing manufacturing, and overhauling its strategy, Peloton has reported seven consecutive quarterly losses.
- After laying off 35% of its workforce in July, Tonal is currently seeking to raise $100M at a $1.9B valuation.
- Hydrow raised a $55M Series D in March to boost marketing efforts and fend off competitors in the rowing category.
TBD. Whether or not FORME follows through with an IPO, the filing hints at the need for additional capital. If the economic and connected fitness slowdowns continue, that cash could be much harder to come by.