West Hollywood health and fitness technology company Theragun Inc. is boasting its industry-leader status following the $165 million closure of its latest growth equity round.
The company, doing business under the name Therabody, announced the round closure in a Sept. 20 news release, with funding led by the Connecticut-based private equity firm North Castle Partner. The round was also backed by previous investors including Heartbeat Ventures, a venture capital firm owned by comedian Kevin Hart, and Green Bay Packers quarterback Aaron Rodgers’ Rx3 Ventures, based in Newport Beach. J.P. Morgan acted as the company’s financial advisor.
Therabody said it would use the new capital to bolster its investment toward “innovation across hardware, software, (and) services” including the development of “whole-body wellness centers” providing “accessible (and) natural solutions to daily wellness.”
Much of the company’s focus is on at-home therapy devices like massagers that monitor biometric data to ensure personalized automated treatments.
The latest funding round coincides with the launch of eight new products “that expand the brand to whole-body wellness with proven benefits across performance, pain, stress, and sleep,” according to the company.
“We believe that wellness should be accessible to everybody with innovative, personalized products that are backed by science,” Benjamin Nazarian, the chief executive of Therabody, said in a statement. “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.”
Noting Therabody’s status as a “category creator of massage guns,” Alison Minter, managing partner of North Castle Partners, said in a statement that her firm was “thrilled to partner with Ben and the team.”
“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,” she said.
