28 million euros for Egym

Lisa Marie Münster Lisa Marie Münster | 02.02.2021

Corona is hitting fitness studios hard, and the start-up Egym is also affected by the closures. Loyal investors are now coming to the aid of the Munich-based company.

Actually, a financing round was supposed to bring in 100 million euros, and an IPO was also being discussed. What followed, thanks to the Corona pandemic, was a layoff of 20 percent of the workforce and a realignment of the offering. Now Egym can breathe a little easier: in a recent financing round, it was able to raise 28 million euros, according to Handelsblatt

. The money comes from investors Nokia Growth Capital, Swiss VC Highland Europe, HPE Growth Capital and Bayern Kapital.

Egym sells online-enabled fitness equipment including an app to studios through which individual training plans can be accessed. The device automatically adjusts to the user. Egym has thus been hit hard by the current closures of fitness studios, which have been fighting for survival for months. The start-up has nevertheless come through the crisis comparatively well so far: according to the Handelsblatt

, sales did not grow as planned, but remained at the pre-crisis level of 82 million euros.

As recently as last May, the founders told Gründerszene

they still had money to get through the pandemic. However, at the time it was also hard to see how long the closures would last.


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Related companies

Bayern Kapital
Bayern Kapital
Investor Landshut
Bayern Kapital
Subsidiary of LfA Förderbank Bayern invests venture capital in companies located in Bavaria.
EGYM
Startup 2010 München
EGYM
Smart gym solutions and fitness apps for operators, trainers and members.

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