28 million euros for Egym

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

A financing round was actually supposed to raise 100 million euros, and an IPO was also under discussion. What followed was a layoff of 20 percent of the workforce and a realignment of the offering thanks to the coronavirus pandemic. Egym can now breathe a sigh of relief: according to Handelsblatt, it has raised EUR 28 million in a recent financing round. The money comes from investors Nokia Growth Capital, the Swiss VC Highland Europe, HPE Growth Capital and Bayern Kapital.

Egym sells online-enabled fitness equipment including an app to studios, which can be used to call up individual training plans. The device automatically adjusts itself to the user. Egym has therefore also been hit hard by the current closures of fitness studios, which have been struggling to survive for months. Nevertheless, the start-up has come through the crisis comparatively well so far: according to Handelsblatt, although turnover did not grow as planned, it remained at the same level as the previous crisis year at 82 million euros.

Last May, the founders told Gründerszene that they still had money to get through the pandemic. However, it was also difficult to predict at the time how long the lockdowns would last.