Egym closes financing round of 41 million US dollars

Last year, it was not entirely clear how things would continue for the Munich-based fitness start-up. But Egym already raised money again at the beginning of 2021, and now more is coming in.

Fitness start-up Egym is receiving $41 million in its current Series E funding round. Venture capitalist Mayfair Equity Partners is leading the round, with existing investors HPE Growth, Highland Capital Europe and Kreos also joining in. The startup is benefiting from the digitization that is sweeping the fitness industry right now. During the Corona pandemic, studios with equipment from Munich also had to close, but sales remained stable, according to the company. Currently, Egym says it is benefiting primarily from new customer business.

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

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

At the beginning of the year, the start-up counted 13 million users. The money from the funding round will also be used to expand the Qualitrain fitness network, which is aimed primarily at corporate 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 digitizing the fitness ecosystem, creating a connected training experience for club members that seamlessly integrates equipment, software and services," Kunal Dasgupta, founder of Mayfair Equity Partners explains the case for investing in Egym.