Munich-based eGym is setting out to make gyms smarter and more personalised. The startup has just raised €17.5 million in a Series D funding round, led by US investor NGP Capital, with participation from Highland Europe, HPE Growth Capital and the Bavaria-based growth fund Bayern. eGym wants to use the new funding to fuel its expansion, especially in the US.
One of Germany’s leading gym equipment manufacturers, eGym specialises in intelligent fitness equipment, as well fitness apps and software, to offer a training experience that is adapted to an individual’s physical requirements, their fitness level, and their personal fitness goals. So far, eGym’s devices are used in 14,000 fitness and health facilities.
Users can login to eGym devices via its app, where they can access their settings and personalised training plans, and track their progress. eGym provides several personalised training programs, including body toning, weight loss, muscle building, rehab fitness, and metabolic fitness for diabetics. The startup’s devices in fitness studios are connected to its open cloud platform, eGym One.
eGym already works with over 70 industry partners, including global players such as Precor, Matrix Fitness, Life Fitness, Polar and Runkeeper. Due to the increasing number of customers, including heavyweights like Planet Fitness, Gold’s Gym and 24 Hour Fitness as well as recently Fit Republic, eGym is driving digital personalised training in the US.
eGym Co-Founder and CEO Philipp Roesch-Schlanderer: “The US is by far the largest market for eGym, and we need to be there. Working with NGP Capital, we now have a knowledgeable digital health investor with an extensive US network to help guide our global expansion efforts. Our vision is big because we want to solve two problems that we believe are interlinked: Health care costs are skyrocketing and gyms often to deliver outcomes. Therefore we are building a gym platform that allows people to achieve their training goals and connecting that to companies via our Corporate Wellness Market Place.”
Walter Masalin, partner at NGP Capital, said: “Preventative healthcare is the key to tackling rapidly increasing healthcare costs globally, and exercise plays a crucial role. The products and services eGym offers are making exercise more accessible and more personalized. We are impressed with the vision and execution eGym’s leadership team has demonstrated as it aims to reshape the global fitness and wellness market.”
