CLMBR Crowdfunds Its Way to Success

By Thomas Price Saturday, December 19, 2020

Gaining funding for new projects in an oversaturated market with hundreds if not thousands of startups vying for money from the same collection of firms has become increasingly difficult. This is an even bigger challenge considering the economic instability caused by the ongoing COVID-19 pandemic. However, for startups with a product or service that could be particularly engaging for the consumer, other funding options could certainly be worthwhile. One of the newer developments has been crowdfunding using websites such as GoFundMe or IndieGoGo. While this is by no means a sure bet, for startup CLMBR, the results have been absolutely spectacular. So, what kind of results has CLMBR seen through the use of crowdfunding, what is the startup offering, and how has this feat been achieved?

What Is CLMBR?

CLMBR is a fitness technology company that has recently developed its vertical climbing machine with several innovative features. The vertical climber y has been built to burn 60% more calories than treadmills, bikes, or rowers while remaining very low impact on joints. What makes CLMBR’s product unique compared to other vertical climbers is the connected capabilities of the device. In fact, the company’s version of the vertical climber comes with on-demand fitness classes led by instructors, a large touch screen monitor, and a sound system to provide the most connected vertical climber ever made. 

To help get this project off the ground and manufactured at a high level, CLMBR launched an IndieGoGo campaign to fund this goal. Bolstered by high profile celebrity investors such as Jay-Z, Pitbull, and Novak Djokovic, along with hundreds of individual funders, CLMBR reached their funding goal within 24 hours, an unexpected accomplishment. 

This unbelievably quick funding from over 250 investors can be attributed to various reasons leading to a perfect storm of sorts for the company. The first and most obvious is that the product being funded is one that many people not only are deeply interested and excited about but also one that people want to support. Considering the success of companies such as Peloton, CLMBR is offering a similar product on a new machine. The company has a lot of upsides, especially during the COVID-19 pandemic, where owning fitness equipment with built-in classes and features has become more popular. The next reason is the clear advantage of support from well-known celebrities who reach major audiences of people. The final reason is much more industry-based since the fitness market as a whole and the fitness equipment market have been extremely valuable as of late.

Fitness and Fitness Equipment Markets Value

The fitness market and the fitness equipment market, in particular, have continued to see strong value and numbers in 2020. This has certainly been a major catalyst for the popularity of CLMBR’s IndieGoGo campaign. In fact, the global fitness market in 2020 is valued at an estimated $96.7 billion. This is built on the over 210,000 active health clubs all over the world, which have a combined 184 million members. However, given the pandemic, many fitness centers have been forced to shut down or operate at a limited capacity. As a result, fitness equipment for the personal consumer has received serious demand. 

The fitness equipment market is relatively smaller but still incredibly large, with a value of $12 billion in 2019. The fitness equipment market is set to grow to over $15 billion by 2026 at a compound annual growth rate of 4%. CLMBR will certainly benefit from this as well, with personal fitness equipment looking to be a large contributing factor to this growth.

Final Conclusions

CLMBR’s crowdfunding methods have been supported through a series of natural advantages given both the product’s nature, the names supporting it, and the industry itself. However, the company’s success is by no means unique to them. When looking for funding, CLMBR proved that investment firms for startups are not the only path that has to be followed. And if other circumstances happen to be favorable, many other startups could duplicate CLMBR’s success.

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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