Munich-based startup eGym has announced the completion of a $20 million Series D financing round led by NGP Capital. Existing investors Highland Europe, HPE Growth Capital, and Bayern Kapital-managed Wachstumsfonds Bayern also participated. The sports tech company will use the new funds to accelerate its international expansion, with a focus on the US market, as well as to further expand its corporate fitness offering.
The software-based, intelligent training solutions from eGym are used in nearly 14,000 fitness and health facilities across Europe and the USA. Key components include fully electronic strength training equipment, mobile apps for trainers and members, and eGym ONE, the open cloud platform. It intelligently connects equipment that currently sits isolated next to each other in the gym, creating a holistic training experience.
Over 70 industry partners, including global players such as Precor, Matrix Fitness, Life Fitness, Polar, and Runkeeper, are already partners of eGym ONE. The eGym-owned Corporate fitness network qualitrain offers companies of all types a holistic solution in corporate health management (CHM). Around 1,600 fitness and health studios and swimming pools with over 60,000 registered employees from more than 800 companies are part of the qualitrain network.
eGym wants to conquer the US market
“The US is by far the largest market for eGym, and we have to be there,”
says eGym Co-Founder and CEO Philipp Roesch-Schlanderer.
"We are delighted to have NGP Capital, an experienced investor in digital health solutions with an extensive US network, on our side, supporting us with our global expansion. With our vision of a fitness studio that works for everyone, we aim to solve two massive problems: Healthcare costs continue to rise, and most fitness studios today aren't delivering results. In other words, customers aren't reaching their goals and are giving up. This is precisely where we come in with our global studio platform. Through our corporate fitness network qualitrain, we also connect participating fitness and health facilities with Corporate Health Management (CHM),"
Roesch-Schlanderer continued.
“Preventive healthcare is key”
"Preventive healthcare is the key to getting a grip on rapidly rising global healthcare costs. Recreational exercise plays a crucial role in this. The products and services offered by eGym open up training to all target groups and also allow for the perfect individualization of workouts,"
says Walter Masalin, Partner at NGP Capital.
“We are impressed by eGym’s vision and how the company, under the leadership of its management team, is succeeding in reshaping the global fitness and wellness market.”
