You know you are doing something right when more than 100 big names in entertainment, sports, business, and culture want to back you up.
Wellness company Therabody has attracted the support of a large group of bigwigs, including Jay-Z, Kevin Durant, Russell Wilson, Ciara, Thirty-Five Ventures owned by Rich Kleiman, and Rx3 Growth Partners, which is a growth equity fund owned by Aaron Rodgers. Even Bond actor Daniel Craig is in on the action.
Some of the celebrities invested through their venture capital companies, like Kevin Hart’s HeartbeatVentures.
The A-list investors wanted to invest in lucrative opportunities in the pain and injury management field. Said Kleiman: ”Therabody is at the forefront of incredible opportunities in the wellness space, and we look forward to seeing what else they’re going to accomplish.”
Therabody was established in 2017 as Theragun, and the company has succeeded in tripling revenue in this short while. The company owns 126 patents and another 138 of its patents are still pending.
Therabody products are stocked globally in 10,000 stores and this latest funding round will further fuel expansion in global markets.
Therabody CEO Benjamin Nazarian takes the fact that so many entrepreneurs, athletes, and celebrities are investing in the company as a validation of their mission and their products.
Besides Rihanna, tennis star Maria Sharapova, Justin Timberlake, and Breanna Stewart all invested in Therabody.
How it all Started
The remarkable story of Therabody began when Los Angeles chiropractor Jason Werslandwent through a nasty motorcycle accident that left him with lingering chronic pain. The year was 2008.
Wersland’s struggle to alleviate his pain led him to invent a unique handheld massage therapy device to alleviate the pain.
When he saw that the device relieved his pain instantly, he wasted no time sharing the exciting discovery with friends, colleagues, and patients.
It took 8 years for Wersland to turn his idea into a business. The chiropractor finally got together with Ben Nazarian, a venture capitalist, and released what he called the Theragun.
Theragun, later on, morphed into Therabody and grew so quickly that even Nazarian and Wersland were surprised. Well-known companies in the industry were impressed by the innovation.
Now, the company is raising money from celebrities and elite athletes. Some of the athletes who have invested in Theragun include Kevin Durant, Russell Wilson, Marcus Rashford, Josh Allen, Kirk Cousins, Sam Darnold, Maria Sharapova, DeAndre Hopkins, and Breanna Stewart.
The athletes drawn to Wersland’s innovation are football players, tennis players, and basketball players.
CEO Nazarian reports that Theragun is one of those few companies that have been profitable literally from year one. This is the first time that Theragun is mobilizing outside the capital. The initial capital from founders has been enough so far.
It was a chance for the influential people to become part of the growth and expansion ofa unique company that would still have survived without them.
Now that Therabody is already established as a massage therapy gun provider, the company is poised to conduct further research and development, penetrate new markets, and launch new offerings into the market.
Theragun is on an ambitious mission to launch in 10 more countries within the next two years.
At first, Therabody was branded as an alternative pain alleviation solution for survivors of motorcycle accidents.
Now, the product has evolved into a non-invasive pain management solution for fitness fanatics and professional athletes. This perhaps explains the huge number of athletes putting money into the venture.
Therabody has attracted soccer players like Kevin De Bruyne and Trend Alexander-Arnold who play for Manchester City and Liverpool respectively.
A record 9 football quarterbacks, both current and former, joined Rihanna in investing in the company.
CEO Nazarian said that the company achieved tremendous growth by committing itself to research and efficiency as well as winning the trust of customers in their products. He said that investors were interested in taking better care of their bodies in a natural way and building a company that makes an impact.
He says that Therabody is not yet done revolutionizing the field of recovery and health.
2017 was the first full year for the company and Therabody made a profit that year. Between 2019 and 2020, the company tripled its revenue.
One of the things that they did to grow their company was partnering with football clubs like Manchester City, Real Madrid, and Paris-Saint Germain as well as working with more and more retailers. They have grown their retail network from 40 stores in the US initially up to more than 10,000 retailers scattered across the globe at the moment.
Investor Larry Marcus had this to say about Therabody: “Ben, Dr. Jason, and the entire Therabody team are passionate about helping people and delivering innovative products and experiences. We deeply resonate with the company’s mission of providing recovery, health, and holistic wellness solutions for everybody.” Larry Marcus co-founded of Marcy Venture Partners, an investor in Therabody.
The Therabody CEO says that the company is poised to take advantage of massive opportunities for growth on a global scale.