Connected fitness firm Echelon Fitness has raised $65m in a financing round led by Goldman Sachs, demonstrating continued investor appetite for at-home workout equipment.

Existing investors North Castle Partners also participated in the funding round, while Piper Sandler acted as exclusive financial advisor to Echelon Fitness.

The deal gives the two investors a controlling stake in the Tennessee-based fitness company.

Echelon makes connected gym equipment, such as bikes and rowing machines, which can be linked to its app to provide workout metrics. It also runs daily live classes run by in-house fitness trainers, which can be viewed via touchscreens on the exercise machines.

Announced last week, Echelon Fitness’ financing round caps an explosive year of growth for at-home fitness equipment, sparked by the closures of gyms due to the coronavirus pandemic.

According to research firm Technavio, the connected gym equipment market is forecasted to grow by $7.5bn between 2020 and 2024.

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By GlobalData

In October 2020, smart gym gear startup JaxJox scooped £7.7m in venture capital funding.

Echelon rival Peloton became public in September 2019, with its share price soaring by 126%.

“Since our inception, we have seen astounding growth in member community, retail partners and product offerings,” says Lou Lentine, president and CEO of Echelon Fitness.

“We are a connected fitness brand dedicated to changing the category through smart innovation at affordable prices, and with an investment from Goldman Sachs, we can propel our business even further.”

Goldman Sachs backed Echelon via GS Growth, the merchant bank’s growth equity arm.

“We are incredibly impressed by what Echelon Fitness was able to accomplish with a very small amount of capital raised to date,” said Stephen Kerns, a member of GS Growth.

“And we are excited about their omnichannel and multi-product offering that enables a broader reach to retailers and consumers alike.”

In September Echelon partnered with Amazon to sell the ecommerce giant’s first connected fitness product, the Prime Bike.

Read more: Smart gym gear startup JaxJox scoops £7.7m funding