The 51-year musician and business mogul, who has an ongoing portfolio includes entertainment group Roc Nation, the streaming service Tidal, cognac, D'Usse and new cannabis brand Monogram, is investing in the gym fitness brand LIT Method, the company announced Tuesday.
Shawn Jay-Z Carter's venture capital company Marcy Venture Partners is backing the Los Angeles fitness company, which specializes in strengthening workouts, cardio and physical therapy all in one machine. The machine is an all-in one fitness rower, Pilates reformer and resistance band training system which lists hundreds of exercises like barre and strength training, the company describes on his website.
In May 2020, the LIT Method, founded by Justin and Taylor Norris during the height of the Coronavirus pandemic, offers digital workouts only on bands and bodyweight only, according to the company. It is competing to the likes of Peloton and Tonal, among others, together with Tonal and Mirror on the market.
Adrian Gonzalez and five-time MLB All-Star Los Angeles Dodger is also leading the fund round. However, the financial conditions of the investments have not been disclosed yet.
The at-home fitness market continues to gain momentum in the post-pandemic with more Americans working remotely. Consumers are investing in at-home gym equipment as an extension of in-studio workouts like CrossFit, Orange Theory and F 45 among others, research suggests. According to a report in the last year by the market research company NPD Group, sales of free weights have grown by 4% in the last year. And demand for at-home fitness equipment during the pandemic was so high, customers waited months for items like spin bikes and treadmills from connected fitness company Peloton, which experienced supply chain issues last year.
In 2018 Co-founded Marcy Ventures with Rihanna of Roc Nation and Larry Marcus and the firm has supported companies like Jay Brown of Savage X Fenty’s clothing brand.
It's unclear if Beyonce's husband will collaborate with LIT Method for a music streaming component. Beyonce partnered with Peloton last November to produce music content and workout classes with her music.