Therabody, a wellness technology startup in Los Angeles, California, raised $165 million in growth equity funding. Aaron Rodgers’ Rx3 Ventures and Kevin Hart’s HartBeat Ventures, LLC also invested in the round, which North Castle Partners led.
In conjunction with introducing eight new products, Therabody announced the funding. The company is seeing considerable growth right now, increasing its revenue by more than 13 times between 2018 and 2021, which coincides with the new increase and product introduction.
The startup will use the funds to continue investing in hardware, software, services (including its Reset whole-body wellness centers) and digital content. The company is best known for its massage guns, which it claims can help with physical performance, pain, stress, and sleep.
“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,” said Alison Minter, Managing Partner at North Castle Partners.
“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,” added Alison Minter.
Therabody is a market leader in the massage gun category
According to NPD Group research, Theragun, Therabody’s category-defining percussive therapy device, is the bestselling massage device in its price range, commanding 71 percent U.S. market share in the last 12 months. Therabody completed its first capital raise in February 2021, attracting athletes, financial sponsors, cultural influencers, and other celebrities to its prominent investor roster.
The product line includes proprietary technologies and leverages biometrics for personalized real-time therapies and is currently available in more than 60 countries, including company-owned retail stores and Reset, a whole-body wellness and recovery center.
“We believe that wellness should be accessible to everybody with innovative, personalized products backed by science. Consumers are focusing on their wellness more than ever. The new additions to our ecosystem will ensure the future of well-being to life. We will broaden our product portfolio from hardware to biometrics and content to support the body and the mind.”