Foley and two other ex-Peloton cofounders are launching Ernesta, a direct-to-consumer custom-cut rug business, with $25 million from Addition and True Ventures and a team of former managers from their former company.
Peloton’s former CEO John Foley is launching a new startup – and this time it’s not a bike he wants to sell you — it’s a custom-cut rug.
Rugs might seem an unlikely next product for Foley, who cofounded Peloton in 2012 and famously took it public in 2019, as its exercise bikes and peppy streamed virtual classes faced massive demand during the pandemic – then stepped down as growth slowed and its stock tumbled. But in an exclusive interview, Foley toldWhile still CEO of Peloton, no friends took him up on his offers to help fund such a business, Foley said.
“Rugs might seem like a potentially uninteresting category, but there’s probably at least one in your house.”From its founding team to its investors, however, Ernesta does represent a Peloton reunion. Addition, which led the $25 million Series A funding round, is led by Lee Fixel, a Midas List investor who was an early backer and board director at Peloton while an investor at Tiger Global in 2014. True Ventures, which also wrote a sizable check in the round, first backed Peloton in 2015.
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