Therabody has secured strategic investment from more than 100 superstars across sport, music and the entertainment industry.
Among the 100 investors are musicians Jay-Z and Rihanna, James Bond actor Daniel Craig and a number of footballers – including Belgium international Kevin De Bruyne and England stars Trent Alexander-Arnold and Marcus Rashford.
The round includes investments from Hartbeat Ventures – led by US comedian Kevin Hart – Marcy Venture Partners, growth equity fund Rx3 Growth Partners, TRUE Capital Management, 13 Endeavors and Thirty-Five Ventures.
The company, which launched in 2016 as Theragun, offering percussive massage therapy devices, will use the funding to accelerate its research and development efforts to innovate new products and services.
It will also continue to invest in its international expansion, with plans to launch into 10 new countries by 2022.
Theragun evolved into Therabody in 2020, with the aim of building an ecosystem of products at the "intersection of fitness, recovery and pain management".
CEO, Benjamin Nazarian, said: “To have such a significant number of premier athletes, entrepreneurs, and celebrities invest in our company is both an honour and a testament to the validity of Therabody’s products and mission.
“Therabody has grown exponentially, not only because of our commitment to efficacy and research, but because of the trust that our customers have in what we develop.
"Our investors not only see the value in taking care of their bodies naturally, but they are also investing in both the industry and a brand they believe is creating impact.
"We’re fortunate to be working with some of the strongest and smartest people in the business, across various professions, and look forward to further revolutionising health and recovery.”
The announcement comes as Therabody expands its presence into more than 60 countries, with offices in Shanghai, London, and Dublin – and plans to open more this year.
The company has also announced multi-year partnerships with football clubs Real Madrid, Manchester City, and Paris-Saint Germain.
At the B2C level, Therabody has increased its retailer distribution from 40 stores in the U.S. to approximately 10,000 retail doors globally in just 18 months. It has also opened five branded retail locations in the US, with plans to open more during 2021.