Egym closes financing round of 41 million US dollars

Last year, it was not entirely clear what the future held for the Munich-based fitness start-up. But Egym raised more money at the beginning of 2021, and now more is on the way.

The fitness start-up Egym has received 41 million US dollars in its current Series E financing round. The round is led by venture capitalist Mayfair Equity Partners and also includes existing investors HPE Growth, Highland Capital Europe and Kreos. The start-up is benefiting from the digitalization that is currently affecting the fitness industry. During the coronavirus pandemic, studios with the Munich-based company's equipment also had to close, but sales remained stable according to the company. According to Egym, it is currently benefiting above all from new customer business.

The Munich-based company actually wanted to raise 100 million euros last year, but 20% of the workforce had to leave in the fall. At the beginning of the year, Egym received 20 million US dollars, and the current financing round could be a turning point.

"We are delighted that our new partner Mayfair shares our vision of a fitness studio that works for everyone," says co-founder Philipp Roesch-Schlanderer. Egym's networked fitness equipment or service is used in 13,000 studios worldwide.

At the beginning of the year, the start-up had 13 million users. The money from the financing round will also be used to expand the Qualitrain fitness network, which is primarily aimed at company employees: "It has never been more important for employers to invest in the health and productivity of their employees," argues Roesch-Schlanderer.

"EGYM is at the forefront of the digitalization of the fitness ecosystem, creating a connected training experience for club members that seamlessly integrates equipment, software and services," says Kunal Dasgupta, founder of Mayfair Equity Partners, explaining the case for investing in Egym.