Peloton Rival IFit’s Valuation Falls About 60% on Fundraise (1)

IFit Health & Fitness Inc., the Peloton Interactive Inc. rival that announced a restructuring and layoffs last week, saw its valuation fall by about 60% to less than $3 billion after raising new capital, according to people with knowledge of the matter.

IFit collected $355 million of debt and equity and counted existing investor L Catterton as an anchor, the Logan, Utah-based company said in a statement to Bloomberg News, without providing further specifics. The new valuation is roughly 60% below the more-than-$7 billion mark the company obtained in October 2020.

The capital raise enables IFit to preserve the ...