True joins the Peloton

When it comes to hardware investments, there is nothing more exciting to us than that magical combination of beautiful hardware, immersive content and a rich, vibrant community. Connectivity and design now change the actual atoms of hardware, turning “things” into living, vibrant experiences. This transformation is the driving force behind so many of True’s device investments, like Makerbot, littleBits, 3D Robotics, Fitbit, OpenROV, Renovo and many, many more.

The newest change-making company to join this movement is Peloton Cycle, which announced their funding this morning. We are thrilled to welcome Peloton and their incredible Founder John Foley to the True Ventures team.

Peloton designs, develops and manufactures a connected indoor cycling platform that consists of a WiFi-connected, high-performance spin bike equipped with a large tablet, as well as live, pre-recorded and on-demand workout content for riders. Live classes are filmed daily from Peloton’s New York studio, which is a full-fledged spin studio with 360-degree cameras streaming across their network. Classes are recorded and streamed live to Peloton’s over 5,100 members, combining the high-end excitement and training of a top spin studio with the comfort and convenience of in-home exercise.

Peloton was founded in 2012 by John Foley, former President of e-commerce at Barnes and Noble. John ran the Nook division, and we got to know him very well through conversations between another True portfolio company, Goodreads (acquired by Amazon), and Nook. As a firm, we’ve stayed close to John as he started Peloton and began building a movement (featured in Wired, Men’s Journal and Sports Illustrated, to name a few). Their product is beautiful, content exceptional, and customers love what the company delivers: an immersive, engaging fitness experience, connected globally, delivered in the comfort and privacy of your home. This is big.

We are thrilled to have the chance to jump in and invest in Peloton as one of our “special opportunity” investments (others include Blue Bottle Coffee, TeachersPayTeachers and AOptix). Peloton has transformed the at-home fitness experience by creating a bike that merges high-design with modern technology to provide access to live streaming and on-demand classes by top instructors. John is a Founder of a movement in the enormous industry that is indoor fitness, and we couldn’t be happier to join with this groundbreaking company.

John and the entire Peloton team: Welcome to True!