Fresh off a $500 million acquisition by Lululemon this summer, Mirror has quickly outpaced expectations of both its parent company and investors with forecasted annual revenue of $150 million — up from original estimates of $100 million.
. "So you don't have sort of the problem of investing in one type of exercise and then finding that it doesn't suit the whole family."Kimberly White/Getty Images for TechCrunchThe virtual fitness company experienced tremendous growth over the course of 2020, as consumers flocked to the brand for its at-home stationary bicycles and treadmills. In its last quarter alone, the company reported that revenue rose by 232% year-over-year to $757.9 million.
"We also saw a trend of our members taking an increased amount of classes related to burnout, sleep, stress-reduction, and other thematic classes to tackle the uncertainty of 2020," Glo cofounder and CEO Derik Mills told Business Insider. "Coming into this year, we were already seeing strong momentum in the connected fitness space, and the pandemic has really accelerated that trend," Orady told Business Insider. "The thing that sets Tonal apart is never before has strength training been so accessible, personalized, and effective.
According to cofounder Tommy Duquette, revenue in 2020 increased fivefold from 2019, and the increase in demand prompted FightCamp's internal team to grow from 16 employees to 48 this year alone. According to cofounder Michael Horvath, Strava's growth can largely be attributed to a rise in Americans flocking to outdoor physical activities in lieu of visiting indoor gyms.
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