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Steve Cohen Leads Funding Round for Fitness Startup Mirror

Billionaire hedge fund manager Steve Cohen is the newest investor in fitness startup Mirror.

Cohen’s venture firm Point72 Ventures, which is separate from his Point72 hedge fund, led a $34 million funding round for the year-old company. Cohen will also join the board.

Mirror is one of many companies tapping into the fitness streaming trend, including most prominently Peloton, which recently went public. Mirror sells a mirror that doubles as a streaming device, which customers use to stream live fitness classes and simultaneously watch themselves working out. At a $1,500 a pop, Mirror’s hardware is cheaper than Peloton’s bikes and treadmills, which start at $2,000 and $4,000, respectively. But monthly subscriptions for classes are the same for both, at $39.

While these subscription fitness companies appear to have a loyal fanbase, that hasn’t transferred to profits. Peloton lost $245.7 million in the 12 months to June. Investors haven’t reacted well: Peloton stock fell 11% below its $29 IPO price on its first day of trading last month.

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