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- Icon Health Fitness
Icon Health Fitness Revenue, Valuation, Funding & Investors
Icon Health Fitness is valued at $7B as of February 2022, a 7.0x multiple on its last reported $1B revenue.
Last Icon Health Fitness valuation
$7B
Undisclosed stage · Feb 2022
Last Icon Health Fitness funding round
$355M
Undisclosed stage · Feb 2022
Icon Health Fitness revenue
$1B
Undisclosed stage · Feb 2022
Key investors in Icon Health Fitness
L Catterton
Pamplona Capital Management
Planet Fitness
Scott Watterson
About Icon Health Fitness
Icon Health & Fitness is a global subscription technology company delivering interactive personal training via iFIT. It powers brands including NordicTrack, ProForm, Weider, Freemotion, and Sweat with a platform integrating software, on-location workout content, and connected hardware. Members access trainer-led sessions that automatically adjust equipment settings across studio classes, global workouts, cross-training, and Google Maps routes worldwide.
Founded
1977
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Revenue
$1B (Feb 2022)
Valuation
$7B (Feb 2022)
Icon Health Fitness Valuation
Icon Health Fitness is currently valued at $7B, based on its undisclosed-stage round in February 2022.
The $355M round was led by L Catterton, with participation from Scott Watterson.
Icon Health Fitness' valuation has moved from $7B at its Series A in October 2020 to $7B in February 2022, across 2 priced rounds.
Icon Health Fitness valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2022 | Undisclosed stage | $7B | 7.0x |
| Oct 2020 | Series A | $7B | 7.0x |
Icon Health Fitness Revenue
Icon Health Fitness' latest recorded revenue is $1B, as of its undisclosed-stage round in February 2022. At a $7B valuation, that implies a 7.0x revenue multiple.
Revenue moved from $1B in October 2020 to $1B in February 2022, while the revenue multiple moved from 7.0x to 7.0x.
Icon Health Fitness revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2022 | $1B | $7B | 7.0x | Undisclosed stage |
| Oct 2020 | $1B | $7B | 7.0x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Icon Health Fitness Funding History
Icon Health Fitness has raised a total of $580M across 3 funding rounds.
Icon Health Fitness' first fundraising round was a $200M Series A in October 2020. The most recent completed round was a $355M undisclosed-stage round in February 2022.
Icon Health Fitness funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2022 | Undisclosed stage | L Catterton (lead); Scott Watterson | $355M | $7B | Icon Health & Fitness, a Utah-based connected fitness company known for brands like NordicTrack, ProForm, Freemotion, and the iFit on-demand streaming platform, develops exercise equipment and fitness software. The company raised $200 million in growth equity funding led by L Catterton, with participation from Pamplona Capital Management, at a reported post-money valuation exceeding $7 billion, according to Bloomberg sources. Icon reported revenue over $1 billion in the 12 months ending September 2020 and described itself as profitable. It had around 700,000 paid iFit subscribers at the time, with services offered in English, Spanish, French, and Mandarin. The funding aimed to accelerate growth in subscription software and fitness equipment amid rising consumer demand for health and fitness, particularly highlighted during 2020. L Catterton, a consumer-focused private equity firm with prior investments in fitness companies like Peloton, Hydrow, Core Power Yoga, and Pure Barre, praised Icon's broad product range across price points for democratizing fitness. Icon produces treadmills, rowers, and ellipticals. |
| Mar 2021 | Series B | Planet Fitness (lead) | $25M | - | - |
| Oct 2020 | Series A | L Catterton (lead); Pamplona Capital Management | $200M | $7B | ICON Health & Fitness, a Utah-based connected fitness company, announced a $200 million growth equity funding round in October 2020 led by L Catterton, with participation from prior backer Pamplona Capital Management. The company achieved a post-money valuation exceeding $7 billion. ICON owns established fitness equipment brands NordicTrack, ProForm, and Freemotion, which integrate with iFit, the company's proprietary live and on-demand streaming fitness and wellness platform. For the 12-month period ending September 30, 2020, ICON reported revenue exceeding $1 billion, demonstrating strong performance during the pandemic-driven surge in at-home fitness demand. The iFit platform had approximately 700,000 paid subscribers at the time of the funding announcement. This investment represented ICON's second major capital raise within a year, following a $200 million investment from Pamplona Capital Management in December 2019, signaling investor confidence in the connected fitness market and ICON's profitable growth model driven by its diversified brand portfolio and subscription-based content platform. |
Who has invested in Icon Health Fitness?
4 investors have backed Icon Health Fitness across its funding rounds, including L Catterton, Pamplona Capital Management, Planet Fitness and Scott Watterson.
Lead investors include L Catterton and Planet Fitness.
Icon Health Fitness Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Oct 2020 | ||
| 1 | Participant | Oct 2020 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialIcon Health Fitness Competitors
Icon Health Fitness competitors include listed companies like Garmin and FuboTV, and private ones like Zwift, Labs, Oura and WHOOP.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $103M | - | $1B | - | ||
| Private | - | - | $10B | - | ||
| Private | $500M | - | $11B | 22.0x | ||
| Private | $1.1B | - | $10B | 9.2x | ||
| Publicly listed | $7.2B | $2.1B | $53B | 6.4x | ||
| Publicly listed | $1.6B | ($122M) | $1.1B | 0.5x |
Icon Health Fitness Public Comps
Icon Health Fitness is still privately-owned, but its public comps include Bilibili, Arashi Vision, Sirius XM, RUM Group, Technogym, Callaway Golf, GN Store Nord, NetEase Cloud Music, Goertek and Peloton.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.5B | $464M | 0.8x | 0.8x | 8.3x | 6.0x | |||
| $1.5B | $134M | 3.7x | 2.6x | 39.8x | 52.0x | |||
| $8.6B | $2.1B | 2.2x | 2.2x | 8.9x | 7.0x | |||
| $101M | ($78M) | 39.2x | 19.4x | (50.8x) | (70.5x) | |||
| $1.2B | $239M | 2.4x | 2.3x | 11.8x | 10.9x | |||
| $2.1B | $195M | 1.3x | 1.3x | 13.4x | 10.5x | |||
| $2.6B | $382M | 1.4x | 2.0x | 9.5x | 18.5x | |||
| $1.2B | $244M | 0.2x | 0.2x | 1.2x | 1.2x | |||
This data is available for Pro users. Sign up to see all Icon Health Fitness competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Icon Health Fitness
| When was Icon Health Fitness founded? | Icon Health Fitness was founded in 1977. |
| Where is Icon Health Fitness headquartered? | Icon Health Fitness is headquartered in Logan, UT, United States. |
| Is Icon Health Fitness publicly listed? | No, Icon Health Fitness is a private, VC-backed company. |
| What is Icon Health Fitness' valuation? | Icon Health Fitness was last valued at $7B in its undisclosed-stage round in February 2022. |
| How much funding has Icon Health Fitness raised? | Icon Health Fitness has raised $580M across 3 funding rounds. |
| What was Icon Health Fitness' last funding round? | Icon Health Fitness' last funding round was a $355M undisclosed-stage round in February 2022, led by L Catterton. |
| Who are Icon Health Fitness' investors? | Icon Health Fitness' investors include L Catterton, Pamplona Capital Management, Planet Fitness and Scott Watterson. |
| What is Icon Health Fitness' revenue? | Icon Health Fitness' latest recorded revenue is $1B (February 2022). |
| What is Icon Health Fitness' revenue multiple? | Icon Health Fitness' latest valuation implies a 7.0x revenue multiple ($7B valuation on $1B of revenue). |
| Which companies are comparable to Icon Health Fitness? | Companies comparable to Icon Health Fitness include Zwift, Labs, Oura, WHOOP, Garmin and FuboTV. |
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