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15 Aug 2022
Hydrow cuts staff to "right-size the business"
BY
Frances Marcellin
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Hydrow is cutting 35 per cent of its workforce
photo: Hydrow
At-home rower maker Hydrow is one of the latest connected-fitness companies to announce staff cuts. The tech company which won celebrity backing from the likes of Justin Timberlake and actor Kevin Hart – who is also on board as creative director – confirmed it would be cutting 35 per cent of its workforce, just four months after raising US$55m in Series D funding. The new capital was planned for investment in product innovation and scaling operations to meet with consumer demand, yet founder and CEO Bruce Smith has said that Hydrow has now reached a stage of growth and size that enables the company to make a “strategic choice for growth”.
“This decision involves a strategic shift in our workforce,” said Smith. “In the wake of the unprecedented economic circumstances we’re collectively facing, Hydrow has made the incredibly difficult decision to conduct a reduction in workforce, in an effort to right-size the business.
Three weeks ago, the company launched the Hydrow Wave, a lighter version of the original rower, both in weight and cost. Priced at US$1,495 it is US$1,000 cheaper than the Hydrow, which sells for US$2,495, and is also 30 per cent lighter due to its polycarbonate monocoque frame.
The connected rower has algorithm-controlled dynamic resistance, which creates a user experience the company says mimics rowing on the water. From 2020 to 2021 Hydrow claimed its revenue had multiplied by three during the twelve-month period and had more than 200,000 users.
Members can access around 4,000 live and on-demand workouts – many led by professional athletes, such as four-time Olympian Aquil Abdullah – which are designed to work 86 per cent of the body’s major muscle groups.
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