June 4, 2021

Star-Studded List of Investors Get Behind CLMBR

The list of investors for CLMBR — the connected climbing machine and workout class company — is turning into a who’s who of top athletes, artists, and entrepreneurs.

CLMBR closed on a $13.5 million funding round last month that included investments from tennis star Novak Djokovic, YouTube co-founder Chad Hurley, and music artists Pitbull and Jay-Z, according to The Denver Post. 

The company will use the funding to double its staff and invest in inventory and technology. It will also open a new headquarters in Denver.

After hitting the market in April 2020 with a $2,499 price tag, CLMBR is now sold to both consumers and commercial gyms. It faces stiff competition in a $10.7 billion home fitness market that’s surged due to the pandemic. 

  • Ergatta, a connected rowing company that gamifies workouts, raised $30 million at a $200 million valuation in April.
  • Tonal, a wall-mounted system, raised $250 million in March with contributions from Drew Brees, Sue Bird, and Mike Tyson. 
  • Home fitness startup Tempo raised $220 million in April and has more than tripled its $250 million valuation from last June.

Jay-Z appears to be particularly fond of the space. The Grammy-winning rapper and business mogul also invested in LIT Method, a low-impact training system, back in April through his VC firm Marcy Venture Partners.

The post Star-Studded List of Investors Get Behind CLMBR appeared first on Front Office Sports.

Front Office Sports June 5, 2021 at 01:55AM Justin Byers

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