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

Icon Health Fitness Overview

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

United StatesLogan, UT

Website

ifit.com

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
Icon Health Fitness valuation by funding round
DateStageValuationRevenue Multiple
Feb 2022Undisclosed stage$7B7.0x
Oct 2020Series A$7B7.0x

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

Icon Health Fitness revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Feb 2022$1B$7B7.0xUndisclosed stage
Oct 2020$1B$7B7.0xSeries 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

Icon Health Fitness funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2022Undisclosed stageL Catterton (lead); Scott Watterson$355M$7BIcon 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 2021Series BPlanet Fitness (lead)$25M--
Oct 2020Series AL Catterton (lead); Pamplona Capital Management$200M$7BICON 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

Investors in Icon Health Fitness by funding rounds participated
InvestorHQRoundsRoleFirst check
L CattertonUnited StatesGreenwich, CT2LeadOct 2020
Pamplona Capital ManagementUnited KingdomLondon1ParticipantOct 2020

This data is available for Pro users. Sign up to see all 4 Icon Health Fitness investors.

Start Free Trial

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 Trial

Icon Health Fitness Competitors

Icon Health Fitness competitors include listed companies like Garmin and FuboTV, and private ones like Zwift, Labs, Oura and WHOOP.

Public and private companies comparable to Icon Health Fitness
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ZwiftUnited StatesLos Angeles, CAPrivate$103M-$1B-
LabsUnited StatesLos Angeles, CAPrivate--$10B-
OuraFinlandOuluPrivate$500M-$11B22.0x
WHOOPUnited StatesBoston, MAPrivate$1.1B-$10B9.2x
GarminUnited StatesUnited StatesPublicly listed$7.2B$2.1B$53B6.4x
FuboTVUnited StatesUnited StatesPublicly listed$1.6B($122M)$1.1B0.5x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Bilibili$4.5B$464M0.8x0.8x8.3x6.0x
Arashi Vision$1.5B$134M3.7x2.6x39.8x52.0x
Sirius XM$8.6B$2.1B2.2x2.2x8.9x7.0x
RUM Group$101M($78M)39.2x19.4x(50.8x)(70.5x)
Technogym$1.2B$239M2.4x2.3x11.8x10.9x
Callaway Golf$2.1B$195M1.3x1.3x13.4x10.5x
GN Store Nord$2.6B$382M1.4x2.0x9.5x18.5x
NetEase Cloud Music$1.2B$244M0.2x0.2x1.2x1.2x

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.

See companies similar to Icon Health Fitness

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial