EGYM has raised approximately $200 million of growth capital at a valuation of over $1 billion from L Catterton and Meritech Capital, a leading Silicon Valley technology-focused venture firm. The investment is expected to support the continued expansion of the EGYM Wellpass corporate wellness network and further development of innovative digital solutions, smart strength equipment and tech-enabled products for data-driven and personalized training.
“EGYM’s mission is to transform the healthcare industry via advanced, data-driven fitness technology, focusing on prevention rather than simply addressing chronic conditions,” the company said in a media release. “The combination of EGYM’s Wellpass corporate fitness memberships, which unlocks access to a diverse breadth of fitness facilities to millions of employees worldwide, with EGYM’s integrated and tech-enabled ‘smart strength equipment’ and software installed across fitness clubs globally, creates value and drives results across the entire fitness ecosystem. EGYM offers gym operators the ‘new age’ of smart, integrated strength equipment and data-enabled tools to engage with, train and retain members through AI-developed personalized workouts, health metrics tracking and interconnectivity across a member’s activities and workouts in any fitness club. EGYM’s proven ability to drive positive health outcomes for millions of employees has created a healthier employee population, enhancing employee health, productivity, retention and satisfaction, enabling employers to enjoy higher employee retention.
EGYM said it has driven rapid and profitable growth in Europe and is excited by the opportunity to transform the U.S. fitness market. With a 700-person team across the globe, the company will leverage its success in Europe to introduce its industry transforming offering around the world.”
“I am convinced that EGYM will help to revolutionize the way people workout in gyms across the globe,” commented Marc Magliacano, managing partner, L Catterton Flagship Fund. “EGYM’s technology enables gyms to become far more appealing and effective to both experienced and new gym members through unprecedented personalization and measurement.”
Paul Madera, co-founder and partner, Meritech Capital, said, “EGYM has impressed us with their ability to bring a huge vision – one that was particularly challenging to execute in the early stages – to market so successfully. EGYM now offers employers a truly technology-driven solution that increases employee wellbeing and productivity while reducing sick days and healthcare costs.”
EGYM CEO Philipp Roesch-Schlanderer said that L Catterton and Meritech were his two “absolute dream investors” for the company’s mission to build the leading global platform at the intersection of fitness and healthtech.
“With Marc and Paul, we are strengthening our board with both fitness industry and technology experts,” Roesch-Schlanderer offered. “They share our vision of turning the world’s largest market, the healthcare industry, from repair to prevention. Thanks to our smart technology solutions and our fast-growing international corporate wellness platform, we now have a real opportunity to accelerate this change and are more determined than ever to do so.”
The EGYM Wellpass corporate wellness network currently has 17,000 sports partners and 14,000 corporate customers with over three million eligible employees. Around 18,000 fitness and health facilities, including many of the world’s largest enterprise studio chains, use EGYM products and services. Six million people around the world train with EGYM every month.
EGYM describes itself as a vertically integrated market leader in the fitness and health industry with the vision of transforming healthcare from repair to prevention.
Image courtesy EGYM
