EGYM is a Munich-based fitness technology and corporate wellness company led by CEO Philipp Roesch-Schlanderer. The company is vertically integrated and partners with employers and fitness facilities to improve employee health by providing access to facilities and equipping them with smart strength equipment and digital solutions. Its product suite includes tech-enabled hardware and software that deliver AI-driven workout experiences for users of all skill levels. EGYM operates the EGYM Wellpass corporate wellness network, which counts 17,000 sports partners, 14,000 corporate customers and more than three million eligible employees; around 18,000 fitness and health facilities use its products and services. In spring the company introduced EGYM Genius, an AI-based software that creates fully automated, personalized training plans tailored to each facility’s equipment. EGYM says it will use the new funding to expand its wellness network and further develop its digital solutions, smart strength equipment and other tech-enabled products. EGYM builds connected gym hardware, companion software (apps and diagnostics) and operates Wellpass, a corporate health network. Its product suite spans its own equipment plus software that works with other connected fitness machines. Wellpass has more than 2.5 million users and grew 100% in the reported period. The company reported $130 million in revenue in 2022, growing 70% year-over-year, and expects to double overall revenues to $260 million in 2023 while becoming profitable. Hardware now accounts for roughly 25% of revenues and about 16,000 gyms use EGYM products; 11,500 of those are part of the Wellpass network. EGYM is developing an AI-based personal trainer (not yet rolled out) and expects to further personalize its services over the next two years. EGYM builds connected smart sports equipment sold to fitness studios and other facilities, not to private customers. Its machines integrate with EGYM’s digital products and with third-party fitness wearables and cardio devices. Prior to the pandemic the company had raised over $100 million and was headed toward an IPO. The coronavirus crisis forced major cutbacks, including laying off 100 of its roughly 420 employees. To help it survive the lockdowns, EGYM has secured new funding of €28 million from existing backers. The company intends the capital to support operations through the pandemic-related disruptions. Founded in Munich in 2011, eGym builds both hardware and software: fully connected electronic strength machines, mobile apps for tracking fitness metrics, and the eGym One cloud platform. The cloud platform aggregates data from connected machines, wearables, apps, and other gadgets and is gym-supplier-agnostic, working with Life Fitness, Precor, and Matrix Fitness. While eGym does offer its own equipment, its platform integrates with third-party machines. Prior to this round the company had raised $60 million in equity and around $28 million in debt, and it acquired Netpulse last year. With the new funding, eGym plans to expedite international expansion aggressively, with a particular focus on the U.S. and the corporate health market. The company intends to leverage investor expertise to drive U.S. market entry and scale outcomes-focused fitness offerings. eGym builds cloud-connected strength machines plus companion cloud software and mobile apps for gym users and trainers, branded as the eGym Cloud. The system uses wristband recognition and workout data to deliver evolving, personalized training plans and immediate analytics to reduce member churn. Customers are gym operators such as Fitness First, Injoy and Reebok; eGym says 1,000 of Germany’s 6,000 gyms use its products since its 2012 launch. In the past two years the company expanded into more than half a dozen other European countries. eGym plans to use new capital for further international expansion and is eyeing a U.S. launch. The company is based in Munich and was founded in 2012.

Total raised

$539M

Funding rounds

6

Latest round

Equity

Latest activity

Sep 2024