EGYM received $41 million In growth equity to accelerate the digitization of the fitness and health industry.
The Series E financing round came from Mayfair Equity Partners, a tech and consumer growth investor. Following the investment, Mayfair Equity Partners will own a minority stake with existing investors HPE Growth, Highland Capital Europe, Kreos, and others. Additional financial details were not disclosed.
Founded in 2010, EGYM offers products that create a digital, connected exercise experience for gyms and members. EGYM digital’s range of software products connects members with their gyms and trainers, reserves training slots and tracks and analyzes their exercise data. EGYM’s corporate fitness network provides subscribers with access to its network of partner gyms, sports and health facilities in Germany.
EGYM said it is on track to be profitable in the second half of this year.
Philipp Roesch-Schlanderer, EGYM co-founder and CEO, said, “We are delighted that our new partner Mayfair Equity Partners shares our vision of a gym that works for everyone. The crucial prerequisite for all members to reliably achieve their workout goals is the seamless connection of hardware and software, in other words the digitization of the fitness space. For operators of fitness and health facilities, the digitization of their offering is a huge opportunity to position themselves as innovative fitness providers for fun, effective and safe workouts, especially in competition with at-home-workout providers. The EGYM ecosystem supports gym operators with innovative solutions that simply work. Accordingly, we are using these additional funds from the financing round to expand our product portfolio and further increase our competitive edge.”
“The $97 billion health and fitness industry is a highly resilient and growing global sector that is still discovering the benefits of digitization,” said Kunal Dasgupta, founding partner, Mayfair Equity Partners. “EGYM is at the forefront of digitizing the fitness ecosystem, creating a connected workout experience for club members that seamlessly integrate equipment, software and services. We are thrilled to be working with Philipp and the entire EGYM team as we support their vision of expanding operations in N.A. and growing EGYM’s network of clients while developing new fitness solutions.”
Most recently, EGYM launched its new Fitness Hub, a smart onboarding kiosk and body scanner. It is the centerpiece of its connected fitness floor and enables smart and contactless onboarding, recurring measurements, flexibility tests, and visual workout guides.
Roesch-Schlanderer said, “When exercisers reach their workout goals with the support of the EGYM ecosystem, operators and members alike benefit. EGYM, with its unique range of hardware, software, and connected partner products, closes the gap between exercise equipment for professionals and the vast majority of members who simply want to work out optimally without having to become an expert.”
