Thanks to improved technology, indoor cycling is booming. Unfortunately there’s probably other factors also contributing to this boom – increased concern about safety in traffic and general security throughout our cities in today’s disturbing world of random terror attacks.
Whatever the reason, there’s big money in indoor cycling today.
And where there's money, there are tech companies looking for their piece of the pie. Enter Peloton, a four-year-old start up that sells internet-connected stationary bikes tied to a livestreamed subscription workout experience.
Peloton is now worth about US$1.25 billion (A$1.66 billion) thanks to its latest round of funding. That makes the at-home connected-bike company the latest private company worth $1 billion or more.
Peloton has $325 million in fresh capital from this new round, with money coming from a variety of big name investors.
Peloton bikes go for US$1,995 (A$2,666) plus US$250 (A$333) for delivery and set up. Bike owners can then pay US$39 ($A52) per month for spin classes, which are livestreamed to the HD screen attached to the machine.
Those live classes pull in data collected by the bikes and compare it against other riders, for the full experience at home.
If that doesn't sound cheap, it's because it isn't. Peloton isn't positioning itself as a cheap alternative. It's a high-end system meant for people who don't have the time or patience for the gym.
It's worked. Peloton has something of a cult following that's not terribly different to how people speak about in-person cycling classes like Soul-Cycle.
The company has grown quickly and was named Crain's fastest-growing company in New York of 2015.
Most of this article previously appeared on the website Mashable
