Benzinga | Apr 28, 2021 02:55PM EDT

Peloton Peer Ergatta Raises $30M At $200M Valuation: Bloomberg

* Brooklyn's $2,199 rowing machine start-up, Ergatta, has raised $30 million at a $200 million valuation, Bloomberg reports.

* Ergatta focuses on unique home workout trends with a sporty flavor, offering respite from instructor-led classes. Peloton Interactive Inc (NASDAQ: PTON) is a strong competitor of the company.

* Advanced Venture Partners led Ergatta's funding round, including Greycroft, Fifth Wall, and Gaingels.

* GGV managing partner, Hans Tung, joined the company's list of angel investors, including Zynga Inc (NASDAQ: ZNGA) founder Mark Pincus.

* The pandemic-driven remote activities aided Ergatta to reach $35 million in run-rate revenue within eight months of a March 2020 launch.

* Ergatta will utilize the funds to develop new games, add live competition and events, grow its membership base, and scale operations.

* Ergatta's 10,000 active users workout over ten times on an average per month for at least 20 minutes. The customized workouts and challenges based on prior performance keep the users hooked to the games.

* The company may explore pairing its game-based content with other cardio equipment in the future. Ergatta expects the growth trend to continue after the vaccine-induced recovery.

* Price action: PTON shares traded higher by 0.77% at $103.13 on the last check Wednesday.