EGYM, an international pioneer in corporate fitness and fitness technology, receives around 180 million euros in growth capital in a Series G financing round. The investment was made at a pre-money valuation of over one billion euros. L Catterton, the world's largest consumer growth fund and leading fitness investor, and Meritech Capital, a renowned technology fund from Silicon Valley, are two major new partners joining EGYM. Meritech Capital has already invested in well-known companies such as Salesforce, Meta and Snowflake. The fresh capital will be used in particular for the expansion of the EGYM Wellpass corporate fitness network and the further development of innovative digital solutions and products in the field of health-oriented training.
Revolutionary, AI-supported training
EGYM's vision is to fundamentally change the healthcare sector through preventative measures. With a combination of EGYM Wellpass subscriptions and its own seamlessly integrated hardware and software solutions, EGYM offers a highly personalized, AI-powered training experience. The aim is to make employees healthier and more productive as well as to help fitness and health studios grow in the long term and attract committed members. The company achieved strong growth and profitability in 2023. With over 700 employees, EGYM plans to continue this growth in 2024.
Marc Magliacano, Managing Partner of the L Catterton Flagship Fund and a successful fitness investor for over 20 years: "I am convinced that EGYM will make an important contribution to revolutionizing the way people work out in gyms around the world. EGYM's technology enables unprecedented personalization and progress measurement. Gyms increase their attractiveness for both experienced and new members."
Reducing sick days and healthcare costs
Paul Madera, Co-Founder and Partner at Meritech: "We are impressed with how EGYM has managed to bring its huge vision, which proved to be very challenging to implement, especially in the early stages, to market so successfully. EGYM now actually offers employers a technology-driven solution that helps to increase employee wellbeing and productivity and reduce sick days and healthcare costs."
EGYM CEO Philipp Roesch-Schlanderer: "L Catterton and Meritech were my two absolute dream investor partners for our mission to build the leading global platform at the intersection of fitness and health. With Marc and Paul, we are strengthening our board with two absolute industry and IT experts. They share our vision of turning the world's largest market, the health market, from repair to prevention. Thanks to our smart technology solutions and our fast-growing international corporate wellness platform, we now have a real opportunity to accelerate this change and we are more determined than ever to do so."
The EGYM Wellpass corporate fitness network currently comprises 17,000 sports partners and 14,000 corporate customers. Over three million employees have access to these offers. In addition, around 18,000 fitness and health facilities worldwide, including many of the largest studio chains, rely on EGYM's products and services. A total of six million people train with EGYM every month.
In spring, EGYM presented its latest innovation: EGYM Genius, an AI-supported software that creates personalized training plans fully automatically. These plans are precisely tailored to all the equipment in any fitness or health facility. Trainers and members benefit from the analysis of seven billion collected training data. EGYM Genius integrates all components of the constantly growing EGYM ecosystem, which currently comprises over 200 partner brands.
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Editorial team fitnessmarkt.de
Source and image source: FNG ® Fitness News Germany
Published on: 11 October 2024