The Story how MIRROR got acquired by Lululemon
Based on this CNBC Make it Report, Brynn Putnam, The CEO and founder secured $3 million in venture capital to fund her tech-based fitness company MIRROR on the same day that she gave birth to her son. In the summer of 2020, Putnam sold MIRROR for $500 million to Lululemon.
The pandemic has been good for business. MIRROR ads are plastered across New York’s subway, airing on TV and clogging up social media channels. But selling a company for half a billion dollars is just a small part of her story and frankly, not even the most interesting.
There are three numbers to watch out for in this story. $15,000: The amount Brynn had in her savings when she quit ballet. $3 million: Her first outside investment. $500 million: The amount she sold MIRROR for in 2020.
The Story about Brynn Putnam
Based on this Forbes Report, On March 13, as New York prepared to move indoors to slow the spread of the coronavirus, Mirror founder Brynn Putnam closed the offices of her high-tech fitness startup and sent her nearly 100 employees home. The former ballerina then hunkered down in her Greenwich Village apartment with her husband, Lowell, also an entrepreneur.
At 22 inches wide, 52 inches high and 1.4 inches deep, Putnam’s product looked and acted like a regular mirror. Turn it on, though, and users saw an instructor teaching the class (as well as their own reflection so they could work on form); software provided personalised modifications in the corner of the screen and helped track fitness goals.
“No one had thought about putting a screen into a mirror and having it be a workout platform,” says Kevin Thau, general partner at Spark Capital, one of Putnam’s early investors. “It seems obvious in hindsight, but it wasn’t before.”
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