Peloton raised $120 million along the way– most of it in a $75 million private equity round in December of 2015. One of Peloton's few classic venture-style investors is Jon Callaghan of True Ventures. "The company is on fire," he told me in a recent interview, crediting the resonance with customers to the fact that Peloton wasn't just experiential and community driven– like SoulCycle– wasn't just about technology, but wasn't just about content either. All of the above has to work for Peloton to succeed.