Fitness technology and corporate wellness company, EGYM, has secured US$200 million of growth capital to expand its global fitness and healthtech platform.
Led by L Catterton and Meritech Capital, the investment will support EGYM’s continued expansion of Wellpass – its corporate wellness network – as well as further development of innovative digital solutions, its smart strength equipment and tech-enabled products for data-driven, personalised training, all aimed at moving healthcare from treatment to prevention.
EGYM CEO, Philipp Roesch-Schlanderer, said: "L Catterton and Meritech were my two absolute dream investors for our mission to build the leading global platform at the intersection of fitness and healthtech.
“We're strengthening our board with both fitness industry and technology experts. They share our vision of turning the world's largest market, the healthcare industry, 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 are more determined than ever to do so."
EGYM says its company valuation is now in excess of $US1 billion. With a 700-person team globally, the company plans to leverage its success in Europe to introduce its offering around the world. The company has had a dynamic year, hiring three seasoned CEOs, Chris Clawson, Rob Barker, and Steve Barton earlier this year and acquiring two aggregators: Hussle in March and FitReserve this month.
The portfolio of products includes the Wellpass corporate fitness network, which currently has 17,000 sports partners and 14,000 corporate customers and is used by six million people every month and the AI-based software innovation, EGYM Genius, which creates fully automated, personalised training plans, using the individual’s specific biological capabilities, that are adapted to all the equipment in any fitness facility.
Marc Magliacano, a managing partner in the L Catterton Flagship Fund believes EGYM will help to revolutionise the way people workout in gyms around the world: “EGYM’s technology enables gyms to become far more appealing and effective to both experienced and new gym members through unprecedented personalisation and measurement."
Paul Madera, co-founder and partner at Meritech, says: "EGYM has impressed us with their ability to bring a huge vision – one that was particularly challenging to execute in the early stages – to market so successfully. It now offers employers a truly technology-driven solution that increases employee wellbeing and productivity while reducing sick days and healthcare costs."
EGYM is the platinum partner of the HCM Summit, which takes place on 24 October in London. Tickets are available now.
