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FIT TECH News

Hydrow cuts staff to "right-size the business"

By
Connected rowing company Hydrow is reducing its workforce by 35 per cent
Announcement comes four months after raising US$55m in Series D funding
CEO Bruce Smith said cuts will reduce operating costs which is necessary in light of “unprecedented economic circumstances”
Hydrow's celebrity backers include Justin Timberlake and Kevin Hart
In the wake of the unprecedented economic circumstances we’re collectively facing, Hydrow has made the incredibly difficult decision to conduct a reduction in its workforce, in an effort to right-size the business, Bruce Smith, founder and CEO, Hydrow
Credit: Hydrow
In the wake of the unprecedented economic circumstances we’re collectively facing, Hydrow has made the incredibly difficult decision to conduct a reduction in its workforce, in an effort to right-size the business
– Bruce Smith, founder and CEO, Hydrow

At-home rower maker Hydrow is one of the latest connected-fitness companies to announce staff cuts. The tech company which won celebrity backing from the likes of Justin Timberlake and actor Kevin Hart – who is also on board as creative director – confirmed it would be cutting 35 per cent of its workforce, just four months after raising US$55m in Series D funding.

The new capital was planned for investment in product innovation and scaling operations to meet with consumer demand, yet founder and CEO Bruce Smith has said that Hydrow has now reached a stage of growth and size that enables the company to make a “strategic choice for growth”.

“This decision involves a strategic shift in our workforce,” said Smith. “In the wake of the unprecedented economic circumstances we’re collectively facing, Hydrow has made the incredibly difficult decision to conduct a reduction in workforce, in an effort to right-size the business.

Three weeks ago, the company launched the Hydrow Wave, a lighter version of the original rower, both in weight and cost. Priced at US$1,495 it is US$1,000 cheaper than the Hydrow, which sells for US$2,495, and is also 30 per cent lighter due to its polycarbonate monocoque frame.

The connected rower has algorithm-controlled dynamic resistance, which creates a user experience the company says mimics rowing on the water. From 2020 to 2021 Hydrow claimed its revenue had multiplied by three during the twelve-month period and had more than 200,000 users.

Members can access around 4,000 live and on-demand workouts – many led by professional athletes, such as four-time Olympian Aquil Abdullah – which are designed to work 86 per cent of the body’s major muscle groups.

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Hydrow cuts staff to "right-size the business"

By
Connected rowing company Hydrow is reducing its workforce by 35 per cent
Announcement comes four months after raising US$55m in Series D funding
CEO Bruce Smith said cuts will reduce operating costs which is necessary in light of “unprecedented economic circumstances”
Hydrow's celebrity backers include Justin Timberlake and Kevin Hart
In the wake of the unprecedented economic circumstances we’re collectively facing, Hydrow has made the incredibly difficult decision to conduct a reduction in its workforce, in an effort to right-size the business, Bruce Smith, founder and CEO, Hydrow
Credit: Hydrow
In the wake of the unprecedented economic circumstances we’re collectively facing, Hydrow has made the incredibly difficult decision to conduct a reduction in its workforce, in an effort to right-size the business
– Bruce Smith, founder and CEO, Hydrow

At-home rower maker Hydrow is one of the latest connected-fitness companies to announce staff cuts. The tech company which won celebrity backing from the likes of Justin Timberlake and actor Kevin Hart – who is also on board as creative director – confirmed it would be cutting 35 per cent of its workforce, just four months after raising US$55m in Series D funding.

The new capital was planned for investment in product innovation and scaling operations to meet with consumer demand, yet founder and CEO Bruce Smith has said that Hydrow has now reached a stage of growth and size that enables the company to make a “strategic choice for growth”.

“This decision involves a strategic shift in our workforce,” said Smith. “In the wake of the unprecedented economic circumstances we’re collectively facing, Hydrow has made the incredibly difficult decision to conduct a reduction in workforce, in an effort to right-size the business.

Three weeks ago, the company launched the Hydrow Wave, a lighter version of the original rower, both in weight and cost. Priced at US$1,495 it is US$1,000 cheaper than the Hydrow, which sells for US$2,495, and is also 30 per cent lighter due to its polycarbonate monocoque frame.

The connected rower has algorithm-controlled dynamic resistance, which creates a user experience the company says mimics rowing on the water. From 2020 to 2021 Hydrow claimed its revenue had multiplied by three during the twelve-month period and had more than 200,000 users.

Members can access around 4,000 live and on-demand workouts – many led by professional athletes, such as four-time Olympian Aquil Abdullah – which are designed to work 86 per cent of the body’s major muscle groups.

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news • 08 Jul 2024
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Noraxon’s next-generation motion capture system, MyoMotion, can be used by PTs to enable custom training programmes, minimise injuries and help ...
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New research shows that following social media health influencers motivates young people to exercise more vigorously and eat more fruit ...
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