IFit

About IFit

The story of iFit begins not in a tech hub, but at Utah State University in 1977, where classmates Scott Watterson and Gary Stevenson founded a company called Weslo. Initially focused on wood-burning stoves, the business soon pivoted to fitness equipment, laying the groundwork for what would become a major player in the industry. The company grew, acquiring brands like NordicTrack and ProForm, and eventually rebranded as ICON Health & Fitness. The significant shift came with the rise of connected fitness. To reflect its focus on its interactive, subscription-based platform, ICON rebranded to iFIT Health & Fitness Inc. in 2021. This platform integrates with its wide range of hardware—from treadmills to bikes—offering users immersive, trainer-led workouts from locations around the world. In October 2020, iFIT secured a major $200 million funding round led by L Catterton and Pamplona Capital Management, which valued the company at a reported $7 billion. This investment was intended to accelerate the growth of its interactive fitness platform. The company filed for an IPO in 2021 with plans to list on the Nasdaq, but later postponed and ultimately withdrew the offering in April 2022, citing market conditions. Despite this, iFIT secured a $355 million capital raise in February 2022, anchored by L Catterton, to continue investing in its brands and content.