Friday Funding: Therabody Announces $165M Round, Introduces New Products
Making Massage Guns
Therabody was founded in 2008, after Dr. Jason Wersland suffered a traumatic motorcycle accident. While struggling with different ways to overcome the pain he discovered, percussive therapy made a huge difference. His company Therabody produces Theragun, a percussive massage gun that stimulates blood flow and healing.
Now the firm is unveiling eight new products, and it announced the close of its growth equity round, with a total financial backing of $165 million. Green Bay Packers’ quarterback Aaron Rodgers participated through his fund Rx3 Ventures, while actor and comedian Kevin Hart’s HartBeat Ventures also joined the round.
In a press release, Therabody explains it aims to move beyond performance to what it calls whole-body wellness. Its new product offerings include a new generation of its bestselling massage device, Theragun, as well as a mini version.
Two of the company’s more intriguing new products are its SmartGoggles and the sound therapy program they’re designed to work with. The company maintains SmartGoggles use vibration, heat, and massage to ease facial tension as well as headaches. Therabody also claims they can help with nightly sleep in this fashion. The corresponding sound therapy content is called TheraMind, which makes use of musical elements and audio techniques.
For consumers excited about SmartGoggles, Therabody says their suggested retail price will be $199. The company notes it has had a productive year in terms of introducing new product lines. The second generation of its RecoveryAir pneumatic compression boots was rolled out in February. Around 100 sports teams use the technology.
Executives say the company will use the newly raised funds toward new innovations, focusing on software and services, as well as hardware. Work also continues on its whole-body wellness centers, known as Reset. Big picture, Therabody argues its product offerings give the company a unique ability to keep consumer’s minds and bodies moving.
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