EGYM Looking to Digitize Fitness, Raises $41m
Munich-based EGYM is forward-thinking & poised for the future.
EGYM, a Munich-based smart gym equipment and software company, recently announced securing $41 million in a Series E funding. Backed by tech and consumer growth investor Mayfair Equity Partners, the company is looking towards digitization and innovating fitness.
Like other tech companies in the fitness and wellness sector, EGYM sees that the global pandemic has accelerated sales in the health industry and is making moves to push the future of fitness even further using technology. The gym equipment company’s focus has paid off: by the beginning of 2021, it had over 13 million registered users. The company notes that the last 18 months have pivoted more toward digitization and says that many fitness chains have relied on the “EGYM Experience.”
EGYM, founded in 2010, bridges digitalization with fitness via their proprietary gym equipment and software offerings that is found in 13,000 studios across the globe. The products under EGYM Digital can connect members to gyms and trainers, schedule training sessions, and track fitness data. The corporate channel, EGYM Business, allows members to access a network for gyms and facilities in Germany – an offering which the company has noted as being highly successful for their partner gyms.
One latest launch from EGYM, called Fitness Hub, has shown strong interest. Fitness Hub, described as a smart onboarding kiosk and body scanner, allows a user to receive recurring measurements, tests for flexibility and offers visual fitness guides. The test features and progress visualization, the company believes, create a customized personal journey for users and leads to a greater sense of motivation. It’s also contactless and allows gyms to quickly onboard new members in as little as two minutes. In addition to specialized software, EGYM features Smart Strength and Smart Flex equipment that is in use in over 2,000 fitness facilities.
In a press release, Kunal Dasgupta, Founding Partner of Mayfair Equity Partners, gives insight on the economically healthy market and the advantages that EGYM has to lead the way.
“The $97 billion health and fitness industry is a highly resilient, growing, global sector that is still discovering the benefits of digitization,” says Dasgupta. “EGYM is at the forefront of digitising the fitness ecosystem, creating a connected workout experience for club members that seamlessly integrates 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 the U.S., growing EGYM’s network of clients and developing new fitness solutions.”
Mayfair Equity Partners will now own a minority stake of EGYM, along with existing investors HPE Growth, Highland Capital Europe, Kreos.
