Peloton co-founder John Foley is a rug man now

What Ernesta’s spherical tells us about right now’s VC market

John Foley clearly didn’t take (ahem) a brake after leaving Peloton.

The previous co-founder and CEO of the related health firm — who stepped down as CEO in February and left the company altogether in September — is again with a brand new startup.

Ernesta, which goals to launch in spring 2023, will promote customized rugs by way of a direct-to-consumer technique. It has already raised a $25 million Series A round from a slate of traders that additionally backed Peloton, together with True Ventures and Lee Fixel, by way of his present agency Addition.

It’s not stunning to see Foley getting again into the startup sport by any means — enterprise capital each embraces failure and loves an excellent comeback story. Plus, there are many earlier examples of this occurring involving people who left corporations on a lot worse phrases than Foley did. However this deal is especially fascinating — even once you look previous the seeming randomness of it.

For one factor, comeback tales in enterprise don’t usually begin in the identical calendar yr that the earlier story led to. And Foley’s potential to shortly increase such a large spherical earlier than the corporate’s launch really tells us fairly a bit about the place the market is at proper now.

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