NEW YORK — CITYROW, a fitness brand offering rowing classes online and via a network of in-person studios, has closed a $12 million Series A funding round. The 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.
The new money raised 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.
CITYROW was founded by Helene Knapp and first opened a studio in NYC in 2014 followed by the launch of its digital platform in 2018. Since then 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.
The company 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 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.
