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Therabody Solidifies Category Leadership with $165 Million Growth Equity Round and Launch of Eight New Innovative Products
The Round and Expanded Product Ecosystem Propels Therabody Beyond Performance to Whole-Body Wellness
LOS ANGELES, September 20, 2022-- TherabodyⓇ, the global pioneer in wellness technology, announced today the close of its growth equity round with a total financial backing of $165 million, alongside the launch of eight new products that expand the brand to whole-body wellness with proven benefits across performance, pain, stress, and sleep.
Therabody, the global pioneer in wellness technology, announced today the close of its growth equity round with a total financial backing of $165 million, alongside the launch of eight new products that expand the brand to whole-body wellness with proven benefits across performance, pain, stress, and sleep.
Led by private equity firm North Castle Partners, LLC, the capital raise also includes existing investors such as Kevin Hart's HartBeat Ventures, LLC and Aaron Rodgers' Rx3 Ventures. J.P. Morgan acted as the company's financial advisor in connection with the transaction. Therabody will use the capital to continue to invest in innovation across hardware, software, services—including its whole-body wellness centers called Reset—and digital content. With this unique combination of offerings, Therabody aims to inspire and enable consumers to keep their minds and bodies in motion.
"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."
Therabody's category defining percussive therapy device, TheragunⓇ, is the bestselling massage device in its price range, commanding 71% U.S. market share in the last 12 months, according to NPD Group research.1 Therabody's dominant market position has translated to financial success, having increased revenues by more than 13x between 2018 and 2021. In February 2021, Therabody completed its first capital raise, filling its prominent roster of investors with athletes, financial sponsors, cultural influencers, and other celebrities.
The newly expanded product line includes a new generation of Theragun PRO and Theragun mini plus first-of-its-kind SmartGoggles™ [MSRP: $199]. 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 utilizes biometric data to personalize the treatment, which gradually lowers heart rate to reduce stress and anxiety. Notably, the company has also reduced plastics in its new packaging by 85% in order to significantly reduce their impact on the environment.
Therabody's new product ecosystem broadens the company's commitment to holistic wellness and includes customized therapies that empower consumers to manage their own mental and physical well-being:
• NEW Theragun PROⓇ: The world's first handheld percussive therapy device is scientifically proven to improve recovery, performance, mobility, sleep, and stress. Powered by QuietForce Technology™, the second generation of Therabody's proprietary EQ-150 motor has been fully redesigned to deliver the superior power of Theragun, but is 20% quieter than the previous version. It also has a built-in OLED screen, now in color, that displays routines to enable users to accurately and more easily treat the body. MSRP: $599
• NEW Theragun miniⓇ: Now 20% smaller and 30% lighter, the new generation of Theragun mini is proven to relieve aches and pains, improve recovery, and go wherever the user goes. With 12mm of amplitude, the mini is smaller and still more powerful than most other standard-size massage devices available. It now connects via Bluetooth to the Therabody App to enable access to an entire library of personalized wellness routines. Both the PRO and mini now incorporate USB-C ports for faster charging. The new Theragun mini will be available later this fall. MSRP: $199
• SmartGoggles™: The revolutionary, first-of-its-kind facial device that uses proprietary SmartSense Technology™ to combine a biometric heart rate sensor with vibration, heat, and massage to ease headaches and tension, encourage relaxation, and optimize sleep. MSRP: $199
• TheraMind™: Our proprietary sound therapy content designed to support the user throughout the day. This science-backed audio content is purposefully produced using musical elements and audio techniques to improve mental and physical well-being and appears across three key categories: focus, relaxation, and sleep. Launching today with SmartGoggles and integrating with all of Therabody's connected products in October, TheraMind content can be accessed via the Therabody App, in English.
• RecoveryTherm™ Hot & Cold Vibration Knee: Ice packs and heating pads are a thing of the past with the most advanced device of its kind to combine cold, heat, and vibration therapy to optimize recovery, rehabilitation, and pain relief. Using proprietary Cryothermal™ Technology and germanium fabric that naturally emits far infrared light, this device helps increase circulation and enhance the body's natural healing process to keep people moving. MSRP: $399
• RecoveryTherm™ Hot Vibration Back & Core: A wearable device that offers precise heat and vibration to alleviate chronic lower back pain and pain associated with minor muscle tweaks, injuries, and menstrual cramps. Innovative carbon fiber mesh is woven into the material to distribute consistent heat around the entire core, and germanium fabric helps increase circulation. The device includes two levels of heat (low and high) and three levels of vibration (low, high, and wave mode), allowing for personalized treatment to alleviate specific levels of pain and soreness. MSRP: $249
• TheraCup™: An advanced three-in-one solution that combines traditional cupping with cutting-edge ThermaVibrationTM Technology, pairing heat and vibration to create an easy-to-use, digitized cupping experience that optimizes localized relief and recovery. MSRP: $129 for single device, $249 for a pair, and $699 for a set of six
• Therabody Lounger: A zero gravity lounger that shifts the mind and body into a deep state of relaxation, focus, or sleep. Leveraging proprietary TheraSound™ technology, the Therabody Lounger transmits sound waves through the body that are felt as vibration, like a musical massage. When these vibrations resonate with the central nervous system, the effect can be deeply calming and restorative for both mind and body, transitioning the user into a meditative state. MSRP: $3,999
"We believe that wellness should be accessible to everybody with innovative, personalized 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."
The product launches and fundraise cap off a monumental year of innovation for Therabody. In February, the wellness technology company launched the second generation of RecoveryAir pneumatic compression boots, including the first-of-its-kind wireless JetBoots that are now used by approximately 100 sports teams. In April, the brand introduced the world to facial health with TheraFace PRO, a portable device with eight treatments in one that optimizes Therabody's renowned percussive therapy for the face to relax the facial muscles and reduce tension.
To learn more about Therabody and its upcoming news, please visit therabody.com and follow @therabody on social media.
Therabody® is the wellness technology leader with a mission to inspire and enable every body and mind to keep moving. Founded by Dr. Jason Wersland who invented the category-defining percussive therapy device, Theragun®, to alleviate his own debilitating pain after a traumatic accident, the company's product and content ecosystem has expanded beyond muscle recovery into hardware, proprietary software, digital content, and biometrics, that have proven benefits for body and mind.
Science is in Therabody's DNA; products and services are validated using modern science combined with internal and external research. Therabody's products and content are embraced by the medical community, sports and beauty industry leaders, and millions of consumers worldwide. Currently available in more than 60 countries, including at company-owned retail stores and at Reset®, a whole-body wellness and recovery center, the product line includes proprietary technologies and leverages biometrics for personalized real-time therapies. For more information, please download the Therabody App for iOS or Android, visit www.therabody.com, or follow @therabody on social media.
About North Castle Partners
North Castle Partners is a leading private equity firm focused on investments in consumer driven product and service businesses that promote healthy, active, and sustainable living. North Castle is a hands-on, value-added investor in high-growth, middle-market companies in the (i) fitness, recreation & sports, (ii) consumer health, (iii) beauty & personal care, (iv) home & leisure and (v) nutrition sectors, among others. North Castle's current portfolio includes well-known brands such as Barry's Bootcamp, CR Fitness, HydroMassage, BlueRoot Health, Five Iron Golf, Sparx Hockey, Glow Recipe, Genexa, VitaCup, Mack Weldon and Echelon. Prior portfolio company holdings include SmartyPants Vitamins, Full Swing, Atkins Nutritionals, Contigo, Jenny Craig, Octane Fitness, Cascade, Equinox Fitness, EAS, Doctor's Dermatologic Formula, Naked Juice, Flatout Flatbread, and Avalon Organics / Alba Botanicals. North Castle partners with management teams and entrepreneurial founders to bring a wide range of strategic and operational capabilities to build world-class companies by unlocking the exponential power of full potential partnerships. North Castle is headquartered in Greenwich, CT.
1 The NPD Group/Retail Tracking Service, small appliances - hand-held massagers sub-category, average selling price $150 or more, US Dollar Sales, August 2021 through July 2022.