At-home fitness is ‘here to stay’ even after coronavirus lockdowns end: Echelon CEO
Lou Lentine on at-home fitness marketplace
Jay-Z’s latest business flex is investing in a fitness company.
The 51-year-old musician and business mogul, whose portfolio includes entertainment group Roc Nation, streaming service Tidal, cognac, D’Usse and new cannabis brand Monogram, is investing in at-home fitness equipment brand LIT Method, the company announced Tuesday.
Jay Z’s Venture Capital firm Marcy Ventures is investing in a fitness company. (Photo by Stephen Lovekin/Getty Images)
Shawn "Jay-Z" Carter’s venture capital firm Marcy Venture Partners is backing the Los Angeles-based fitness company which specializes in strength training, cardio and physical therapy all in one machine. The machine includes an all-in-one water rower, Pilates reformer and resistance band training system that boasts hundreds of exercises like barre and strength training, the company describes on his website.
LIT Method, founded during the height of the coronavirus pandemic in May 2020 by Justin and Taylor Norris, offers live and daily digital workouts done with bands and bodyweight only, according to the company. It competes with the likes of Peloton and weightless strength training machine Tonal and Mirror, among others on the market.
Los Angeles Dodger and five-time MLB All-Star Adrian Gonzalez is also leading the funding round. The financial terms of the investments, however, have not been disclosed.
JAY-Z LAUNCHES HIGH-END CANNABIS LINE MONOGRAM
The at-home fitness market continues to gain momentum in the post-pandemic with more Americans working remotely. Consumers are investing in at-home fitness equipment as an extension of in-studio workouts such as CrossFit, Orange Theory and F45, among others, research suggests. Sales of free weights grew by 4% in the last year, according to a 2020 report by market research firm NPD Group. And demand for at-home fitness equipment during the pandemic was so high, customers waited months for items like spin bikes and treadmills from connected fitness company Peloton, which saw supply chain issues last year.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Jay-Z co-founded Marcy Ventures in 2018 with Jay Brown of Roc Nation and Larry Marcus and the firm has backed companies like Rihanna’s clothing brand Savage X Fenty.
It's unclear if Beyonce's husband will team up with LIT Method for a music streaming component. Beyonce partnered with Peloton last November to produce streaming content and workout classes with her music.
Read Full Article