Therabody Gets $165 Million in Investment from North Castle

Therabody, Los Angeles, closed a growth equity round with $165 million in total financial backing and launched eight products that expand the brand into whole-body wellness, the company announced on Sept. 20.

The financing was led by private equity firm North Castle Partners, LLC, but it also included existing investors such as Kevin Hart's HartBeat Ventures LLC and Aaron Rodgers' Rx3 Ventures.

Therabody will use the capital to continue to invest in hardware, software, digital content and services — including its whole-body wellness centers called Reset.

"Therabody is the category creator of massage guns, and we are thrilled to partner with Ben {Nazarian, Therabody CEO] and his team to join their pursuit of creating innovative self-care solutions that promote healthy and active living," said Alison Minter, managing partner at North Castle Partners. "As a category creator and the dominant premium brand, Therabody has proven its ability to push the boundaries of wellness technology, with a high-velocity product launch strategy, particularly in the past year."

Therabody's percussive therapy device, Theragun, is the bestselling massage device in its price range, commanding 71 percent of U.S. market share in the last 12 months, according to NPD Group research.1 Therabody's revenues have increased by more than 13 times between 2018 and 2021. In February 2021, Therabody completed its first capital raise, filling its roster of investors with athletes, financial sponsors, cultural influencers, and other celebrities.

The newly expanded product line includes a new generation of Theragun PRO and Theragun mini plus first-of-its-kind SmartGoggles, which were made to pair with the newly announced TheraMind sound therapy content via the Therabody App. SmartGoggles help ease facial tension and headaches during the day and encourage relaxation and sleep at night through vibration, heat, and massage. The device is Therabody's first to be integrated with a smart sensor that uses biometric data to personalize the treatment, which gradually lowers heart rate to reduce stress and anxiety.

The company also reduced plastics in its new packaging by 85 percent to reduce its impact on the environment.

Therabody's new product ecosystem broadens the company's commitment to holistic wellness and includes customized therapies that empower consumers to manage their own mental and physical well-being, the company said.

The new products include:

  • NEW Theragun PRO. The world's first handheld percussive therapy device is scientifically proven to improve recovery, performance, mobility, sleep, and stress. Powered by QuietForce Technology, the second generation of Therabody's proprietary EQ-150 motor has been fully redesigned to deliver the superior power of Theragun, but is 20 percent quieter than the previous version. It also has a built-in OLED screen, now in color, that displays routines to enable users to accurately and more easily treat the body.
  • NEW Theragun mini: Now 20 percent smaller and 30 percent lighter, the new generation of Theragun mini relieves aches and pains, improves recovery, and goes wherever the user goes. It now connects via Bluetooth to the Therabody App to enable access to an entire library of personalized wellness routines. Both the PRO and mini now incorporate USB-C ports for faster charging. The new Theragun mini will be available later this fall.
  • SmartGoggles: The first-of-its-kind facial device uses proprietary SmartSense Technology to combine a biometric heart rate sensor with vibration, heat, and massage to ease headaches and tension, encourage relaxation, and optimize sleep.
  • TheraMind: The company’s proprietary sound therapy content is designed to support the user throughout the day. This audio content is produced using musical elements and audio techniques to improve mental and physical well-being and appears across three key categories: focus, relaxation, and sleep.
  • RecoveryTherm Hot & Cold Vibration Knee: This device combines cold, heat and vibration therapy to optimize recovery, rehabilitation, and pain relief. Using proprietary Cryothermal Technology and germanium fabric that naturally emits far infrared light, this device helps increase circulation and enhance the body's natural healing process to keep people moving.
  • RecoveryTherm Hot Vibration Back & Core: A wearable device that offers precise heat and vibration to alleviate chronic lower back pain and pain associated with minor muscle tweaks, injuries and menstrual cramps. Carbon fiber mesh is woven into the material to distribute consistent heat around the entire core, and germanium fabric helps increase circulation. The device includes two levels of heat (low and high) and three levels of vibration (low, high, and wave mode), allowing for personalized treatment to alleviate specific levels of pain and soreness.
  • TheraCup: An advanced three-in-one tool that combines traditional cupping with ThermaVibration Technology, pairing heat and vibration to create an easy-to-use, digitized cupping experience that optimizes localized relief and recovery.
  • Therabody Lounger: A zero gravity lounger that shifts the mind and body into a deep state of relaxation, focus, or sleep. Leveraging proprietary TheraSound technology, the Therabody Lounger transmits sound waves through the body that are felt as vibration, like a musical massage. When these vibrations resonate with the central nervous system, the effect can be deeply calming and restorative for both mind and body, transitioning the user into a meditative state.

"We believe that wellness should be accessible to everybody with innovative, personalized products that are backed by science," said Therabody CEO Ben Nazarian. "Consumers are focusing on their wellness more than ever. The new additions to our ecosystem not only bring the future of well-being to life, but also represent Therabody's own evolution as we broaden our product portfolio from hardware to biometrics and content to support both the body and the mind."