Therabody has closed a growth equity round with a total financial backing of US$165 million. The latest fundraise sits alongside the launch of eight new products that expand the brand to ‘whole-body wellness’ across performance, pain, stress, and sleep.
Led by private equity firm North Castle Partners, the capital raise also includes existing investors such as Kevin Hart’s HartBeat Ventures and Aaron Rodgers’ Rx3 Ventures. JP Morgan acted as the company’s financial advisor in connection with the fundraise.
Therabody adds that it will use the capital to continue to invest in innovation across hardware, software, services – including its whole-body wellness centres called Reset – and digital content.
“We believe that wellness should be accessible to everybody with innovative, personalised products that are backed by science,” said Benjamin Nazarian, Chief Executive Officer of Therabody.
“Consumers are focusing on their wellness more than ever. The new additions to our ecosystem not only bring the future of well-being to life, but also represent Therabody’s own evolution as we broaden our product portfolio from hardware to biometrics and content to support both the body and the mind.”
Alison Minter, Managing Partner at North Castle Partners, said “Therabody is the category creator of massage guns, and we are thrilled to partner with Ben and his team to join their pursuit of creating innovative self-care solutions that promote healthy and active living.
“As a category creator and the dominant premium brand, Therabody has proven its ability to push the boundaries of wellness technology, with a high-velocity product launch strategy, particularly in the past year.”
Therabody’s percussive therapy device, Theragun, is claimed as the bestselling massage device in its price range, with 71% US market share in the last 12 months, according to NPD Group research. A strong market position has translated to financial results, with the company reporting a 13x increase in revenues between 2018 and 2021.
The newly expanded product line includes a new generation of Theragun PRO and Theragun mini plus first-of-its-kind SmartGoggles. Made to pair with the also newly announced TheraMind sound therapy content via the Therabody App, SmartGoggles help ease facial tension and headaches during the day and encourage relaxation and sleep at night through vibration, heat, and massage.
The device is Therabody’s first to be integrated with a smart sensor that utilises biometric data to personalise the treatment, which gradually seeks to lower heart rate to reduce stress. The company has also reduced plastics in its new packaging by 85% in order to reduce its impact on the environment.
Therabody adds that its new product ecosystem broadens the company’s commitment to holistic wellness:
- Theragun PRO handheld percussive therapy device
- Theragun mini: now 20% smaller and 30% lighter
- SmartGoggles: facial device that uses proprietary SmartSense Technology
- TheraMind proprietary sound therapy content
- RecoveryTherm Hot & Cold Vibration Knee: combining cold, heat, and vibration therapy to optimise recovery, rehabilitation, and pain relief
- RecoveryTherm Hot Vibration Back & Core: offers heat and vibration to alleviate lower back pain
- TheraCup: three-in-one solution that combines traditional cupping with ThermaVibration Technology
- Therabody Lounger: zero gravity lounger to aid relaxation, focus, or sleep
