Virtuagym Secures €3M in Funding from Icecat & Plans to Make World ‘Healthier & Happier’

The new investment marks a new stage of international growth for the global fitness tech provider

Virtuagym, a global fitness technology provider, has received a new 3 million Euro funding from Icecat, an Amsterdam-based technology company that invests in innovative tech organizations. According to Virtuagym, the investment represents its mission to make the world healthier and happier as the fitness industry continues to recover from the disruptions of the unprecedented global pandemic.

The latest funding will help Virtuagym with international growth. A sizable investment will fuel its innovative All-In-One software, says Virtuagyam, which offers club management, coaching, and engagement in the health and fitness industry.

The fitness tech provider, founded in 2008 by brothers Hugo and Paul Braam, currently serves over 20 million customers, 9,000 fitness businesses, and 45,000+ trainers worldwide, including Mrs Sporty, XSport, Fit20, and Fitness Park.

“The last two years have been quite challenging for our industry, but I believe our solutions have shown our customers great value, especially in making the transition towards a more hybrid, digitally-powered customer experience,’’ says Hugo Braam, CEO and Co-Founder of Virtuagym. “We are extremely excited and humbled by the support of Icecat with this new investment. We’re just getting started with our big plans to positively impact our industry even more, and we’ll keep working hard to help our customers with great new solutions.”

Braam, a former intellectual property lawyer, stated that he and his brother, Paul, wanted to develop new technologies to help people live healthier lives. “I have always been an avid gym-goer and had a keen interest in technology, so the idea of enhancing people’s very traditional gym experiences was very appealing to me – and remains so today,” he explained in an interview last November.

“We are happy to support Virtuagym in their plans for further health technology innovation and growth,’’ says Martijn Hoogeveen, CEO at Icecat. “We like the Virtuagym team and their cloud vision to help transform the health and fitness industry.”

During the pandemic, Virtuagym was able to quickly adapt and meet the needs of fitness businesses by launching Virtuagym PRO+, which allowed fitness operators to generate revenue while their facilities were closed.

While Virtuagym PRO+ aided fitness operators, it also helped drive the company’s success in the corporate wellness sector, according to Braam, who spoke to Advertising Review last fall.