Smart fitness startup brand EGYM Receives US$225 million investment
EGYM, a smart fitness startup, recently received a €207 million ($225 million) Series F investment led by Affinity Partners, a global private equity firm founded by Jared Kushner, with participation from previous investors Mayfair Equity Partners and Bayern Kapital. Approximately €107 million of this amount will be invested immediately in the company's business, while the remaining amount will be reserved for future use.
EGYM's business includes self-developed connected fitness equipment, a training app that can be used with EGYM and other connected fitness equipment, and the Wellpass health software, which is used by more than 2.5 million people. eGYM also provides products and services to gyms of all sizes and, as of today, about 16,000 gyms are using EGYM's products. However, according to the founders, EGYM's long-term goal is to develop artificial intelligence-based personal trainers.
EGYM is reported to have revenues of US$130 million in 2022, up 70 per cent year-on-year, while Wellpass has grown 100 per cent in the same period, making it a key focus for the company's future growth. In the course of a future IPO, EGYM expects to double its investment in emerging markets such as the US, while doubling its total revenue to US$260 million by 2023.
About EGYM:
EGYM is a leading fitness technology company based in Germany. Founded in 2010, EGYM has established itself as a provider of innovative solutions for the fitness industry, aiming to enhance the workout experience and improve the overall fitness journey for both gym operators and members.
Key aspects of EGYM and its offerings include:
1. Smart Training Equipment: EGYM specializes in manufacturing smart fitness equipment that integrates cutting-edge technology. Their equipment is designed to provide users with personalized workout experiences, automated adjustments, and real-time data tracking. EGYM's smart equipment covers a wide range of fitness categories, including strength training, cardio, and functional training.
2. EGYM Cloud Platform: EGYM offers a cloud-based platform that allows gym operators to manage their facilities, equipment, and member data efficiently. The platform provides tools for workout programming, member engagement, progress tracking, and data analytics. It enables gym operators to deliver personalized training programs, monitor equipment usage, and gain insights into member behavior and performance.
3. EGYM ONE App: EGYM provides the EGYM ONE mobile app, which serves as a comprehensive fitness companion for gym members. The app offers features such as workout planning, tracking, and analysis. It integrates with EGYM's smart equipment to deliver personalized workout recommendations and track progress seamlessly.
4. EGYM Membership: EGYM has introduced the concept of "EGYM Membership," which allows members to access their training data and preferences across different fitness facilities that are part of the EGYM network. This membership model offers convenience and consistency to users, enabling them to continue their fitness routines seamlessly even when visiting different EGYM-affiliated gyms.
5. Data-Driven Insights: EGYM emphasizes the power of data analytics to drive informed decision-making. The platform provides gym operators with valuable insights into member behavior, equipment usage, and overall facility performance. These insights help optimize operations, improve member engagement, and tailor offerings based on individual preferences.
EGYM has established partnerships with numerous fitness chains, gym operators, and wellness providers worldwide, making its technology available in various fitness facilities globally. The company's aim is to enhance the workout experience, improve member retention, and help gym operators thrive in an increasingly competitive market.
By combining smart fitness equipment, data-driven insights, and a comprehensive cloud platform, EGYM has positioned itself as a leading provider of innovative solutions that contribute to the evolution of the fitness industry and the well-being of fitness enthusiasts.
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