Tech wellness firm Therabody has raised funding from over 100 celebrities including footballer Marcus Rashford, rapper Jay-Z and actor Daniel Craig.
Therabody, which makes massage therapy guns, said it will use the raised capital to fund research and development for new products and services.
The cash will also aid its international expansion, with plans to launch into 10 new countries by 2022.
The star-studded line up of investors hails from sport, business, culture and entertainment. Some have invested directly while others have invested via their own venture capital firms, such as actor Kevin Hart’s Hartbeat Ventures.
Dr Jason Wersland designed the hand-held percussive massage therapy device in 2008. Therabody – then known as Theragun – launched commercially in 2016.
While it was initially designed as an alternative form of pain management for motorcycle injuries, the technology is now marketed as a non-invasive form of pain management for professional athletes and fitness enthusiasts.
Footballers backing Therabody include Manchester City midfielder Kevin De Bruyne and Liverpool defender Trent Alexander-Arnold (pictured).
The group of investors also includes nine current and former professional American football quarterbacks. Musicians Rihanna, Justin Timberlake and Shawn Mendes have also backed the company.
“To have such a significant number of premiere athletes, entrepreneurs, and celebrities invest in our company is both an honour and a testament to the validity of Therabody’s products and mission,” said Benjamin Nazarian, CEO of Therabody.
“Therabody has grown exponentially not only because of our commitment to efficacy and research, but because of the trust that our customers have in what we develop. Our investors not only see the value in taking care of their bodies naturally, but they are investing in both the industry and in a brand that they believe is creating impact.
“We’re fortunate to be working with some of the strongest and smartest people in the business, across various professions, and look forward to further revolutionising health and recovery.”
Therabody says it has been profitable since 2017, its first fully operational year. It says its revenue tripled in 2020 from 2019.
Its growth has been spurred by multi-year partnerships with football clubs such as Real Madrid, Manchester City and Paris-Saint Germain. It has expanded its availability from 40 US stores to more than 10,000 retailers globally over the past 18 months.
“Ben, Dr Jason, and the entire Therabody team are passionate about helping people and delivering innovative products and experiences. We deeply resonate with the company’s mission of providing recovery, health, and holistic wellness solutions for everybody,” said Larry Marcus, co-founder of Marcy Venture Partners, which has invested in Therabody.
“The consumer and professional feedback that we’ve seen and heard about Theragun is off the charts. We see a massive opportunity for the brand on a global level, and we’re looking forward to their continued growth ahead.”