CITYROW®

21 07, 2021

CITYROW Secures $12M Series A Round to Support Continued Growth of Omnichannel Streaming and In-Person Fitness Company

2021-07-21T14:58:11-04:00July 21st, 2021|Tags: , , , , |

–Financing Round Led by JW Asset Management; Company Adds JW CFO Jason Klarreich and Fyllo CEO Chad Bronstein to Board of Directors–
–Funds to be Used to Enhance Platform and Launch Live Streaming Fitness Classes–

NEW YORK — CITYROW (the Company), a leading omnichannel fitness brand offering rowing classes through its combined at-home digital platform and nationwide brick-and-mortar studio network, announced today the closing of a $12 million Series A Round. The financing round was led by JW Asset Management and also included Sol Global and K2. JW Asset Management CFO Jason Klarreich and Fyllo Founder and CEO Chad Bronstein have joined the Company’s Board of Directors. Proceeds from the raise will be used to enhance the Company’s at-home digital platform, launch live-streaming classes and expand its company-owned and franchise studio model.

Since opening its first brick-and-mortar studio in 2014 and launching its digital platform in 2018, CITYROW has experienced tremendous growth, which is largely attributable to sales of rowing machines, monthly subscriptions of its connected at-home rowing platform and franchise sales. Over the last 12 months, the Company has experienced 375% revenue growth.

A pioneer in smart and omnichannel fitness, CITYROW now boasts more than 4,000 monthly subscribers who have access to a vast library of more than 700 on-demand classes. The Company has sold 65 franchises (11 built and operational) throughout the United States, and expects to open a combined twelve additional company-owned and franchise studios in the next 12 months.

“CITYROW has all the elements in place to bring our scalable, omnichannel fitness model to the masses. Our hybrid offering empowers anyone, anywhere — at-home or in-studio — access to the CITYROW experience. We have built an unbelievable technology platform, fitness team and a strong board, including proven business leaders like Jason and Chad. Each of our valued board members and advisors is committed to supporting our future capital raising efforts, as well as providing operational guidance and helping shape our vision for the future,” said Helaine Knapp, Founder and Chief Executive Officer of CITYROW.

Knapp continued, “With access to additional capital, CITYROW will launch live-streaming, expand the number and types of classes offered, and continue to strengthen our proprietary performance tracking and measurement platform. Other important initiatives include bolstering our operations, building a more seamless integration between the in-studio and at-home experience and expanding our studio footprint to provide an incomparable experience to the thousands of individuals who rely on CITYROW to drive their fitness regimen.”

“CITYROW’s unbelievable 97% customer retention rate validates the strong and sticky business Helaine and her team have built over the last 7 years,”  said Jason Klarreich. “The Company’s diversified product offering, combining the positive attributes of both on-demand and in-person fitness, has created a loyal and growing community of users across the country. We are confident that under Helaine’s leadership, CITYROW will continue to establish itself as a world class brand and overall business model.”

Today, fitness-minded consumers seeking a high intensity, low-impact, results-focused workout visit locations in New York City , Los Angeles, San Diego, Atlanta, Boca Raton and Dallas. More than 10% of in-person CITYROW class participants use the CITYROW GO Rower at home, highlighting the growing trend of omnichannel fitness consumption as consumers seek to take advantage of the convenience of on-demand home workouts, combined with the heightened experience and community that can only be delivered in-person.

Chad Bronstein added, “Once I experienced CITYROW, I was hooked.  I knew this was a company and management team I needed to get behind.  Helaine has proven to be an incredibly strong leader that has evolved the business from solely an in-person studio offering, to a national, omnichannel tech brand. She has a clear vision for the future and the motivation and ability to execute.”

About CITYROW

Founded in 2014 by Helaine Knapp, CITYROW is an omni-channel fitness brand that offers workouts through its connected at-home rowers, digital platform and studio locations nationwide. CITYROW has redefined rowing by making it fun, approachable and accessible for anyone through its signature style of form-focused instruction, unique class formats and proprietary technology designed to help consumers track their performance and progress.

Consumers can access workouts through a CITYROW GO Rower, the CITYROW GO App, or with a live instructor in a group fitness setting at a CITYROW studio location. The brand has 12 studios across the country with additional locations set to open in the near-future. For more information, visit www.cityrow.com.

23 09, 2020

Franworth Announces Launch of Nonprofit Company Franchise For Good

2020-09-23T11:53:04-04:00September 23rd, 2020|Tags: , , , , , , , |

Franchise Industry Powerhouse Firm Forms New Philanthropic Arm to Assist Nonprofit Organizations with Growth and Inks First Partnership with Colorado Homebuilding Academy. 

ANN ARBOR, Mich.Franworth® announced today the launch of its nonprofit arm Franchise For Good. A 501(c)(3) organization, Franchise For Good was founded by Franworth President and COO Dave Keil and aims to help nonprofit organizations grow by leveraging Franworth’s expertise and 450 years of combined experience in scaling businesses through the franchising model. As the only full-service agency in the nonprofit space offering a suite of flexible franchisor services, Franchise For Good is a pioneering philanthropic initiative that offers nonprofit organizations of all sizes an avenue for growth.

“Nonprofit organizations need to grow and innovate to survive just like for-profit businesses do. Through Franchise For Good, we hope to make a positive impact in communities nationwide by providing great organizations with the resources they need to fuel sustainable growth and expand their missions and reach,” said Keil. “As franchise industry veterans, we know the power of the franchise model and have seen firsthand how companies can use these tools to propel success. We’re excited for this incredible opportunity to apply franchising’s proven processes and playbooks in a new way and provide the nonprofit space with an innovative, best-in-class suite of support services.”

The first Franchise For Good partnership was recently signed with Colorado Homebuilding Academy, a nonprofit training organization founded by Oakwood Homes CEO, Pat Hamill, that aims to solve the construction industry’s need for motivated and skilled workers and increase employment opportunities in the communities it serves. As part of this partnership, Franchise For Good and Colorado Homebuilding Academy will form BuildStrong Academy, a developmental program with a mission to develop more than 20 locations over 15 years and train 1 million under/unemployed people across the U.S. in trade jobs, including those seeking a second career and looking for an opportunity to transform their life course. Home Builders Institute, the nation’s leading educational resource for career technical education in the building industry, is also a founding member of BuildStrong and will provide its best-in-class certification and curriculum to this new venture.

“Partnering with Dave Keil and the team at Franchise For Good has propelled and accelerated our vision to expand our nonprofit’s support systems nationwide,” said Hamill. “With unemployment remaining in the double digits, people are hungry for work but need the training to fulfill the estimated 700,000 open jobs available within the nation’s flourishing construction industry. Over the years, we’ve witnessed hundreds of lives reshaped by entering the trades workforce, and we’re eager to change more lives by providing students with the best-in-class curriculum and certification to fill these jobs. We are optimistic about the impact we can make with Franchise For Good supporting our efforts.”

Through local brand champions, like Franworth Executive Partner and New Orleans Saints Quarterback Drew Brees, BuildStrong Academy is slated to begin operating extensions of its nonprofit organization in new markets by the end of the year.

“My love for New Orleans runs deep, and I’m proud to be a part of this great initiative that will help create new employment opportunities. I want one of the first new academies to be in NOLA,” said Brees. “With the power of Franchise For Good behind the organization, I have no doubt that BuildStrong Academy is positioned to make a huge impact both in our region and nationwide. I’m thrilled to see this partnership come to life and look forward to being a part of all the good we can do together.”

To learn more about how Franchise For Good helps nonprofit organizations grow, visit franchiseforgood.org.

About BuildStrong Academy
BuildStrong Academy is a collaborative, industry-driven initiative focused on creating a much needed skilled workforce for construction. Students receive hands-on learning, job placement, and mentoring as they build careers in construction. BuildStrong Academies are accelerating opportunities across the United States in support of the construction industry, economic and community development, and family and individual vitality. For more information on BuildStrong Academy visit buildstrongacademy.org.

About Franworth

Headquartered in Ann Arbor, Michigan, Franworth helps brands build a strong foundation, navigate their acceleration, and create economic value for both franchisors and their franchisees. Through its expansive suite of professional services and best-in-class processes, talent, technology and proprietary supply chain system, Franworth specializes in mentoring emerging franchisors and helping them scale their businesses efficiently to achieve profitability and maximize their potential for success. The company’s executive board includes Founder, CEO and Managing Director John Rotche, CFE; Managing Director and Partner David Barr; and Partner Drew Brees. Franworth’s Leadership Team includes seasoned franchise executives President and Chief Operating Officer Dave Keil; General Counsel and Chief of Staff Jonathan Koudelka; and Chief Financial Officer David Taccolini. Franworth’s current portfolio of franchise brands includes Title Boxing Club®, The Lash Lounge®, CITYROW®, skoah®, Madison Reed Color Bar® and The Barre Code®. For more information on Franworth or to learn more about how it can help your company grow, visit franworth.com.