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The big picture: Peloton's $4 billion valuation

Image: Peloton

Peloton, the fitness tech company known for its connected spin bikes, raised around $400 million in Series F funding at around a $4 billion valuation, plus another $150 million in secondary funding.

Why it matters: This is arguably the venture world's highest-valued media startup, as the bikes (and, now, treadmills) are really delivery devices for low-churn subscription content.

Investors: TCV led, with partner Jay Hoag joining the Peloton board (he's also a longtime Netflix director). Other new investors Felix Capital, Winslow Capital and Baillie Gifford were joined by return backers Tiger Global, True Ventures, Wellington Management, Fidelity, NBCUniversal and Kleiner Perkins,

The bottom line: "The company is on pace to generate more than $700 million in revenue in the fiscal year ending next February, continuing its more than 100% year-to-year revenue growth rate, [CEO] Foley said. It has recently generated EBITDA, but Foley said he expects it to lose money in the second half as the company invests in growth opportunities." — Maureen Farrell, WSJ

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