Peloton raises $550M at a valuation of $4 billion

Peloton today announced its Series F funding of $550 million. That brings the total amount raised, according to CrunchBase, to $994.7 million. According to the announcement, this round puts Peloton’s valuation at $4 billion — it was just last May the company hit unicorn status.
TCV led the round with other participation in the round from Tiger Global, True Ventures, Wellington Management, Fidelity, NBCUniversal, and Kleiner Perkin, along with new investors – BlackRock, Franklin and Winslow Capital.

“We are truly honored to partner with TCV and with Jay Hoag personally,” said John Foley, founder and CEO of Peloton, in a released statement. “TCV’s reputation, experience, and involvement in businesses like Netflix, Spotify and Facebook will be invaluable as we build Peloton into one of the most unique and influential global consumer product and media companies of our day.”

The company previously closed a $325 million Series E, which was reportedly used to fuel expansion into the retail market. The company expects to use the latest round of funding to continue growing that sector and grow international.

Earlier this year, Peloton announced its second product, a connected treadmill, which the company still says will launch to consumers this call. The company also introduced a new membership product and opened several retail locations.