As Handelsblatt reports, the money comes from existing investors from previous investment rounds: Bayern Kapital, Nokia Growth Capital, Highland Europe, and HPE Growth Capital. According to the newspaper's report, the fitness startup's valuation, at a "significantly three-digit million euro amount," is roughly the same as it was two years ago.
Smart fitness equipment for studios and clubs
As recently as September, Egym wanted to follow a report by startup scene According to the company, the company will raise 100 million euros. The coronavirus pandemic and the resulting closure of fitness studios have Munich companies has now apparently thwarted the plans and ensured that the Series E round is significantly smaller. Egym's last financing round at the end of 2018 amounted to just under 18 million euros (20 million dollars).
Severe slump due to Corona
Egym sells smart fitness equipment to studios and clubs. The company was founded in 2012 by Philipp Roesch-Schlanderer and Florian Sauter. In the wake of the coronavirus crisis, 100 of its 450 employees were forced to leave the company. Philipp Roesch-Schlanderer tells Handelsblatt:
“I had sleepless nights the week before the layoffs.”
According to Handelsblatt, sales last year amounted to around 82 million euros. The company had targeted triple-digit sales for 2020.
