Peloton founder John Foley is now a carpet man.

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What Ernesta’s Round Tells Us About Today’s VC Market

John Foley obviously After breaking out of the peloton, he didn’t brake (ahem).

The former co-founder and CEO of the fitness company Connected — who stepped down as CEO in February and left the company in September — is back with a fresh start.

Aiming to launch in the spring of 2023, Ernesta will sell custom rugs directly to the consumer. It has already raised a $25 million Series A round with current additions including Peloton, True Ventures and Lee Fixel.

It wouldn’t be surprising to see Foley return to the startup game either way—venture capital both embraces failure and loves a good comeback story. Additionally, there are many early examples of this phenomenon involving people who left companies worse off than Foley did. But this agreement is particularly interesting – even when you look at the seemingly random situation.

For one thing, return stories in a venture generally do not begin in the calendar year in which the previous story ends. And Foley says the company’s ability to quickly raise such a large round before launch tells us exactly where the market is. Right now.

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