EGYM, Munich, Germany, received a $41 million investment from new investor, Mayfair Equity Partners, the company announced on Sept. 16. Part of the investment will be used to expand in the U.S. market and to expand its product portfolio, according to the company.
EGYm, founded in 2010 and led by CEO Philipp Roesch-Schlanderer, is a fitness technology developer that offers a range of products to create a digital, connected exercise experience for gyms and members.
The investment came in the form of a Series E financing round from Mayfair Equity Partners, which invests in technology and consumer growth. With the investment, Mayfair Equity Partners will own a minority stake in the company along with existing investors HPE Growth, Highland Capital Europe, Kreos and others.
Roesch-Schlanderer and Kunal Dasgupta, founding partner of Mayfair Equity Partners, said that the investment will be used to expand the product portfolio, expand its presence in the U.S. market and increase the company’s competitive edge.
About 13,000 studios worldwide use EGYM products and services, including EGYM Smart Strength and Smart Flex, EGYM Digital and EGYM Business.
“The $97 billion health and fitness industry is a highly resilient, growing, global sector that is still discovering the benefits of digitization,” Dasgupta said. “EGYM is at the forefront of digitizing the fitness ecosystem, creating a connected workout experience for club members that seamlessly integrates equipment, software and services.”
Most recently, EGYM launched its new Fitness Hub, a smart onboarding kiosk and body scanner. It is the centerpiece of the connected fitness floor and enables smart and contactless onboarding, recurring measurements, flexibility tests and visual workout guides. Despite the pandemic, EGYM saw strong market demand for the newly released product, according to the company.