Mirror, a fitness content streaming device that users can hang and use like a traditional full-length mirror, has raised $34 million more in a Series B-1 funding round headed by Point72 Ventures. Others now backing the startup include athletic apparel retailer lululemon, LionTree LLC and individual backers including Karlie Kloss, Kevin Huvane and Steve Lockshin. Prior investors Spark Capital and Lerer Hippeau also took part in the latest raise.
These new investments nearly double the a New York City-based company’s funding to date, which now sits at $72 million. With it also comes the appointment of Point72 CEO and chairman Steven Cohen to Mirror’s board.
WHAT THE DO
The core of the startup’s platform is a large LCD panel that streams workout videos and music, while also doubling as a full-length mirror when not in use. For a $1,495 purchase and $39 per month subscription, the device includes a camera so that users are able to see both own reflection as well as the live fitness content produced by Mirror and offered through the subscription service. There’s also a companion app that supports music played through the device’s stereo speakers, and some biometric tracking capabilities using devices such as Apple Watches.
The company has been on a bit of an expansion kick over the last year and a half, with this being the third funding round announced in approximately 20 months ($13 million in February 2018, $25 million in September 2018). Earlier this month, Mirror also launched a one-on-one personal training offering that, for $40 per session, matches subscribers with a live trainer via two-way audio and visuals.
WHAT IT’S FOR
Mirror said that it will use the funds to sustain strong growth momentum, as well as to push into different types of content verticals.
MARKET SNAPSHOT
Without a doubt, Mirror’s primary competition is Peloton and its connected exercise bikes. The company has been in the spotlight as of late with its September IPO, which opened at $29 per share and is lately fluctuating in the $21 to $23 range.
But even outside of Peloton and Mirror, investors have also been throwing their weight behind other players such as Tonal, with its connected weights ($45 million raised in April), and Echelon Fit with its substantially cheaper exercise bikes and digital workouts (undisclosed raise announced in July).
Meanwhile, retailers such as Best Buy have picked up on the demand for connected in-home workout products, and as such have announced plans to bring several of these to store shelves over the course of the year.
ON THE RECORD
“We’re thrilled to welcome new investors like Steve Cohen, Karlie Kloss and Kevin Huvane to the Mirror family. Their support and vision for our growth will be instrumental in allowing us to develop groundbreaking content and reach more people where it’s most convenient,” Brynn Putnam, founder and CEO of Mirror, said in a statement. “It’s particularly gratifying to be involved with lululemon again. I first worked with them almost a decade ago as an Ambassador and have long admired their exceptional team, as well as their vibrant community. There are significant synergies between our brands and I'm excited for the opportunity to innovate together.”
