Jay-Z Invests in Fitness Company
Marcy Venture Partners, cofounded by Jay-Z, Jay Brown and Larry Marcus, has invested in LIT Method.
“We’re trying to create a category,” said Taylor Gainor, who cofounded the fitness company with partner Justin Norris in 2015. “There’s Pilates, yoga. Now, LIT.”
The duo, both personal trainers, have built a loyal clientele while teaching a group fitness program in Los Angeles that’s centered on low-impact training. They offer an app with on-demand classes and have created an equipment, LIT Strength Machine, designed to be used for a number of low-impact exercises. Launched direct-to-consumer for $1,750 during the pandemic, it’s an all-in-one machine that fitness enthusiasts are able to test in-person at LIT LAB, their retail concept with locations in L.A. and San Diego. Next, they’ll head East and open in King of Prussia, Pa., on May 15.
Though the companies aren’t revealing the investment amount, Marcus said the funds will help LIT Method scale. The company grew 300 to 400 percent from the fourth quarter of 2020 to the first quarter of 2021, according to Marcus.
“First off, we need inventory,” he continued. “During this process, we looked at each other, and we’re like, ‘OK, it’s time to go raise. We’ve been bootstrapped. We’re experiencing this explosive growth. We can’t get inventory.’ So, we’re definitely going use it for inventory.”
The company is also enhancing its equipment technology and plan to grow its team.
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