The commercial fitness equipment industry in the US is a dynamic sector that caters to health clubs, gyms, and personal trainers with a range of equipment designed to enhance physical wellness. Companies manufacture and distribute machines including treadmills, ellipticals, and strength-training devices, alongside innovative technology solutions like fitness apps and wearables. As health trends evolve, there is increasing demand for smart equipment that blends exercise with digital engagement. Notably, the surge in home fitness has fueled growth in compact and versatile equipment, positioning the industry for continued expansion amidst rising consumer health awareness and technological advancements.


In 2024, a mix of venture capital and private equity firms invested prominently in the commercial fitness equipment market. Most investors hail from major hubs like San Francisco and New York, reflecting the country's innovation hotspots. The investments range from single significant transactions to a multitude of deals, with top firms like Y Combinator and Goldman Sachs engaging deeply in this space. With 18 firms on this list, they vary in size from small teams to large corporations and illustrate a robust commitment to fostering growth within the fitness industry.


Top 18 Commercial Fitness Equipment Investors in the US


1. Y Combinator

  • Website: ycombinator.com
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2005
  • Headcount: 51-200
  • Number of deals in 2024: 802
  • LinkedIn: y-combinator

Y Combinator is a prominent startup accelerator and venture capital firm based in San Francisco, California, founded in 2005. It provides funding and mentorship to early-stage technology companies through a structured program that helps entrepreneurs launch and grow their businesses. Y Combinator has successfully launched over 4,000 startups, establishing itself as a key player in the technology startup ecosystem. Among its notable investments in the commercial fitness equipment sector are Aviron Interactive, which raised $4.5 million to enhance connected fitness solutions, and FightCamp, a manufacturer of at-home boxing gyms that has raised significant funding to expand its offerings. These investments highlight Y Combinator's engagement in the fitness equipment industry, particularly in innovative and connected fitness solutions.


2. 500 Global

  • Website: 500.co
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2010
  • Headcount: 201-500
  • Number of deals in 2024: 98
  • LinkedIn: 500-startups

500 Global is a venture capital firm and startup accelerator based in San Francisco, California, founded in 2010. The firm specializes in investing in early-stage technology companies, providing funding, mentorship, and resources to help founders scale their businesses. Notably, 500 Global has invested in several companies within the commercial fitness equipment space, including FightCamp, which raised $8 million in a Series A round in 2020, and Hykso, which received funding in a venture round in 2021. Additionally, they have supported other fitness-related startups like FORTË and GymHit Software, showcasing their active role in the fitness industry. This diverse portfolio highlights their commitment to innovative solutions in fitness, aligning with their mission to help startups navigate growth challenges.


3. Sosv

  • Website: sosv.com
  • Type: Venture Capital
  • Headquarters: United States (USA)
  • Founded year: 1995
  • Headcount: 51-200
  • Number of deals in 2024: 170
  • LinkedIn: sosv

SOSV is a venture capital firm founded in 1995, based in the United States, that specializes in funding and supporting deep tech startups through its development programs. The firm provides venture capital investment and resources to help startups grow and succeed in various sectors, including health and climate technology. Notably, SOSV has invested in companies like Overhand Fitness and Trainersvault, both of which are involved in the fitness industry. Overhand Fitness raised funds in a seed round in April 2019, while Trainersvault has had multiple funding rounds, including seed rounds and a convertible note, indicating a sustained interest in the fitness sector. SOSV operates globally, connecting innovative companies with investors, and their portfolio reflects a commitment to supporting emerging technologies, including those in the commercial fitness equipment market.


4. Advantage Capital


Advantage Capital is a venture capital firm based in New Orleans, Louisiana, founded in 1992. The firm specializes in providing equity and debt financing to small businesses across various sectors, including agribusiness, solar projects, and affordable housing. Notably, Advantage Capital has also made significant investments in the commercial fitness equipment industry, evidenced by their transactions with Orthotech Sports Medical Equipment, which raised $3,245,000 in debt financing in 2016, and North Cypress Fitness Center, which secured $3,050,000 in debt financing in 2013. These investments highlight Advantage Capital's commitment to supporting entrepreneurs and businesses in underserved communities, offering flexible capital solutions to help them grow and thrive, including those in the fitness sector.


5. L Catterton

  • Website: lcatterton.com
  • Type: Private Equity
  • Headquarters: United States (USA)
  • Founded year: 1989
  • Headcount: 201-500
  • Number of deals in 2024: 23
  • LinkedIn: l-catterton

L Catterton is a private equity firm specializing in investment management, focusing on consumer brands across various sectors. Founded in 1989, the firm partners with middle market companies and high-growth enterprises, providing capital and strategic guidance to enhance brand equity and market presence. With a strong emphasis on consumer insights, L Catterton aims to drive growth and innovation within its portfolio companies. Notably, L Catterton has been involved in significant transactions within the fitness industry, including leading multiple funding rounds for Tonal, a San Francisco-based fitness platform that raised over $450 million in total funding, and a $75 million growth capital investment in Peloton, a leader in indoor cycling. These investments highlight L Catterton's commitment to the fitness sector and its potential for growth.


6. Deep Tech Fund (an Alumni Ventures Fund)

  • Website: av.vc
  • Type: Venture Capital
  • Headquarters: Manchester, New Hampshire, United States (USA)
  • Founded year: 2023
  • Headcount: 51-200
  • Number of deals in 2024: 258
  • LinkedIn: deep-tech-fund-av-focused-fund

Deep Tech Fund (an Alumni Ventures Fund) is a venture capital firm based in Manchester, New Hampshire, founded in 2023. It provides accredited investors and institutions with access to professionally-managed, diversified venture portfolios, leveraging a network of over 10,000 investors to connect them with high-quality investment opportunities in the startup ecosystem. The fund has made significant investments in the fitness industry, including Hydrow, which raised funds in both Series A and Series C rounds for its innovative rowing machines, and Nextiles, which focuses on smart fabric fitness trackers. These transactions highlight the fund's active engagement in the commercial fitness equipment space, showcasing its commitment to supporting technology-driven fitness solutions.


7. The Riverside Company


The Riverside Company is a private equity investment firm based in New York, specializing in providing flexible capital solutions to smaller middle-market businesses across various industries. Founded in 1988, Riverside manages a diverse portfolio of over 140 companies globally. Notable transactions include the acquisition of Bike24, a German bicycle retailer, which highlights their interest in the cycling and outdoor space, relevant to fitness. Additionally, their acquisition of Independent Living Specialists, an Australian retailer of mobility scooters and chair lifts, reflects their engagement in markets related to mobility and fitness equipment. These transactions demonstrate Riverside's capability to invest in sectors that align with commercial fitness equipment, showcasing their strategic guidance and capital support for transformative growth in these areas.


8. North Castle Partners


North Castle Partners is a private equity firm based in New York, specializing in investment management and consulting services for consumer brands in the Healthy, Active, and Sustainable Living sectors. Founded in 1997, the firm partners with entrepreneurs to scale their businesses through strategic guidance and operational support. Notable transactions include investments in Octane Fitness, a company known for its innovative fitness equipment; HydroMassage, which offers massage therapy solutions for fitness facilities; and Barry's Bootcamp, a popular fitness brand focused on high-intensity workouts. Additionally, they have invested in Therabody, which, while primarily focused on recovery and wellness, complements the fitness equipment landscape. These investments highlight North Castle Partners' commitment to the fitness industry and their role in supporting growth and innovation within this sector.


9. Norwest Equity Partners (NEP)

  • Website: nep.com
  • Type: Private Equity
  • Headquarters: Minneapolis, Minnesota, United States (USA)
  • Founded year: 1961
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: norwest-equity-partners

Norwest Equity Partners (NEP) is a private equity investment firm based in Minneapolis, Minnesota, founded in 1961. The firm specializes in providing capital and strategic guidance to businesses across various sectors, focusing on building industry leaders through long-term partnerships and sustainable growth. NEP has been involved in several significant transactions in the commercial fitness equipment context, including investments in Life Time, a prominent fitness center operator, and Wahoo Fitness, a company known for its innovative fitness technology products. Additionally, NEP acquired United Sports Brands, which includes brands like Shock Doctor, further emphasizing their commitment to the sports and fitness industry.


10. Amazon

  • Website: amazon.com
  • Type: Corporate
  • Headquarters: Seattle, Washington, United States (USA)
  • Headcount: 10001+
  • Number of deals in 2024: 37
  • LinkedIn: amazon

Amazon.com, Inc. is a multinational technology company based in Seattle, Washington, primarily known for its e-commerce platform that offers a wide range of products and services. Founded in 1994, Amazon has expanded its operations to include cloud computing, online advertising, digital streaming, and artificial intelligence services. In the context of commercial fitness equipment, Amazon has made notable investments, including a $110 million investment in Tonal, a company specializing in smart home gym equipment, and participation in funding rounds for Zwift, an online fitness platform that is venturing into hardware. Additionally, Amazon's Alexa Fund has supported Aaptiv, a fitness app that provides audio-based workouts. These transactions highlight Amazon's active role in the fitness industry, particularly in companies that are innovating in the commercial fitness equipment space.


11. Silicon Valley Bank

  • Website: svb.com
  • Type: Venture Capital
  • Headquarters: Santa Clara, California, United States (USA)
  • Founded year: 1983
  • Headcount: 5001-10000
  • Number of deals in 2024: 31
  • LinkedIn: silicon-valley-bank

Silicon Valley Bank is a commercial bank founded in 1983, located in Santa Clara, California. It specializes in providing financial services to the innovation economy, particularly tech startups and venture capital firms. The bank offers a range of products including business banking, global payments, and asset management, helping clients navigate financial challenges and support their growth. Notably, Silicon Valley Bank has been involved in several transactions within the commercial fitness equipment context, such as AlterG, which raised $15 million in debt financing in 2015, and WHOOP, which secured $55 million in Series D funding in 2019. Other relevant investments include SportPursuit, Glofox, and fitmob, which further demonstrate their engagement in the fitness and health sector. These transactions highlight their commitment to supporting innovative companies in the fitness industry.


12. Plug and Play Tech Center


Plug and Play Tech Center is an innovation hub and venture capital firm based in Sunnyvale, California, founded in 2006. They connect startups with corporations to foster growth and innovation, offering various programs including accelerator initiatives and investment opportunities. In 2024 alone, they have made 253 investments, showcasing their active role in the venture capital landscape. Notably, they have invested in companies like Fit Pay, which enables wearable devices to facilitate contactless payments, and G.O.A.T. Fuel, a brand focused on fitness-related products. These transactions highlight their interest in the health and wellness sector, aligning with the commercial fitness equipment industry.


13. Advent


Advent International Corporation is a private equity firm founded in 1984, based in Boston, Massachusetts. The firm specializes in buyouts and investments across various sectors, focusing on long-term value creation for its portfolio companies. Advent has been active in the commercial fitness equipment industry through strategic acquisitions, including Triib, a company acquired in February 2020, which provides management solutions for fitness businesses. In November 2019, Advent acquired Mariana Tek, a boutique fitness platform that offers business management software for fitness classes. Additionally, they acquired ZingFit in February 2020, a software company that develops applications for gyms and fitness brands. These transactions highlight Advent's commitment to investing in the fitness sector, particularly in technology and software solutions that support fitness operations.


14. Goldman Sachs

  • Website: goldmansachs.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1998
  • Headcount: 10001+
  • Number of deals in 2024: 59
  • LinkedIn: goldman-sachs

Goldman Sachs is a prominent investment bank and financial services firm founded in 1998, headquartered in New York, New York. The firm provides a wide range of services including investment banking, asset management, and wealth management, catering to a diverse clientele that includes corporations, financial institutions, and individuals. In the context of commercial fitness equipment, Goldman Sachs has made notable investments such as in Equinox Fitness, which raised an undisclosed amount in debt financing in March 2024, indicating their support for established fitness brands. Additionally, their investment in the Chinese fitness app Keep, which raised $126 million in Series D funding in 2018, highlights their engagement in the fitness technology space. These transactions reflect Goldman Sachs' strategic interest in the fitness industry, particularly in companies that are innovating and expanding within the commercial fitness equipment sector.


15. Summit Partners

  • Website: summitpartners.com
  • Type: Private Equity
  • Headquarters: Boston, Massachusetts, United States (USA)
  • Founded year: 1984
  • Headcount: 51-200
  • Number of deals in 2024: 13
  • LinkedIn: summit-partners

Summit Partners is a private equity investment firm based in Boston, Massachusetts, founded in 1984. The firm specializes in growth equity, providing capital and resources to category-leading companies across various sectors, including technology, healthcare, and life sciences. Notably, Summit Partners has made significant investments in companies such as Snap Fitness, which raised funds in a private equity round in June 2008, indicating their engagement in the commercial fitness equipment space. This investment reflects their strategy of partnering with businesses that have strong growth potential, leveraging their extensive experience in investment management to help these companies expand and succeed in their respective markets.


16. Goodwater Capital

  • Website: goodwatercap.com
  • Type: Venture Capital
  • Headquarters: Burlingame, California, United States (USA)
  • Founded year: 2014
  • Headcount: 51-200
  • Number of deals in 2024: 41
  • LinkedIn: goodwater-capital

Goodwater Capital is a venture capital firm based in Burlingame, California, founded in 2014. The firm specializes in consumer technology and supports seed-stage entrepreneurs by providing investment, resources, and a community to help them grow. Goodwater Capital has a diverse investment portfolio that spans various sectors, including healthcare and financial services, with a focus on improving access to technology solutions for underserved communities. Notably, they have made investments in the fitness sector, such as Fit!, which raised $120,000 in a pre-seed round, and Fit Hub Indonesia, which secured $3 million in a seed round. These transactions highlight Goodwater's engagement with the commercial fitness equipment industry, showcasing their interest in supporting innovative fitness solutions.


17. Tiger Global

  • Website: tigerglobal.com
  • Type: Venture Capital
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 2001
  • Headcount: 51-200
  • Number of deals in 2024: 25
  • LinkedIn: tiger-global-management

Tiger Global Management, LLC is a New York-based investment firm founded in 2001, specializing in public and private equity investments. With approximately $50 billion under management, the firm focuses on innovative companies that leverage technology across various sectors. Notably, Tiger Global has been an active investor in Peloton, participating in multiple funding rounds including Series C, B, and E-K, which have collectively raised significant capital to expand Peloton's retail presence and enhance its technology for live streaming cycling classes. This involvement highlights Tiger Global's commitment to the commercial fitness equipment industry, particularly in supporting companies that integrate technology into fitness solutions.


18. Kkr

  • Website: kkr.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1976
  • Headcount: 1001-5000
  • Number of deals in 2024: 74
  • LinkedIn: kkr

KKR & Co. Inc. is a prominent investment firm based in New York, specializing in private equity, credit, infrastructure, and real estate. Founded in 1976, KKR has established itself as a global leader in asset management, providing tailored investment solutions to institutional and individual clients. Notably, KKR has made significant investments in the commercial fitness sector, including a £300 million investment in PureGym, which aims to support its growth and international expansion. Additionally, KKR led a $450 million funding round for Zwift, an online fitness platform that is venturing into the hardware market, further emphasizing KKR's commitment to the fitness industry. KKR's acquisition of The Bay Club Company and its recent acquisition of Varsity Brands, which operates in the cheerleading and sports market, also highlight its strategic interest in sectors related to fitness and sports, reinforcing its position as a key player in the commercial fitness equipment landscape.



Commercial Fitness Equipment Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
Y CombinatorSan Francisco, California, United States (USA)51-2002005802
500 GlobalSan Francisco, California, United States (USA)201-500201098
SosvUnited States (USA)51-2001995170
Advantage CapitalNew Orleans, Louisiana, United States (USA)51-20019925
L CattertonUnited States (USA)201-500198923
Deep Tech Fund (an Alumni Ventures Fund)Manchester, New Hampshire, United States (USA)51-2002023258
The Riverside CompanyNew York, New York, United States (USA)201-500198812
North Castle PartnersNew York, New York, United States (USA)11-5019970
Norwest Equity Partners (NEP)Minneapolis, Minnesota, United States (USA)11-5019611
AmazonSeattle, Washington, United States (USA)10001+37
Silicon Valley BankSanta Clara, California, United States (USA)5001-10000198331
Plug and Play Tech CenterSunnyvale, California, United States (USA)501-10002006253
AdventBoston, Massachusetts, United States (USA)501-1000198417
Goldman SachsNew York, New York, United States (USA)10001+199859
Summit PartnersBoston, Massachusetts, United States (USA)51-200198413
Goodwater CapitalBurlingame, California, United States (USA)51-200201441
Tiger GlobalNew York, New York, United States (USA)51-200200125
KkrNew York, New York, United States (USA)1001-5000197674


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