EGYM has completed a US$41m Series E financing round led by Mayfair Equity Partners, a leading tech and consumer growth investor.
Following the investment, Mayfair will own a minority stake in the fitness tech firm, joining existing investors HPE Growth, Highland Capital Europe and Kreos. Additional financial details have not been disclosed.
The move will allow EGYM to accelerate its plans to develop its products and services for the fitness sector, which has undergone a huge digital transformation over the past 18 months due to the pandemic.
Philipp Roesch-Schlanderer, EGYM co-founder and CEO, said: “Our new partner, Mayfair Equity Partners, shares our vision of a gym that works for everyone.
"The digitisation of fitness offerings is a huge opportunity for operators of fitness and health facilities to position themselves as innovative fitness providers for fun, effective and safe workouts – especially in competition with at-home-workout providers.
"The EGYM ecosystem supports gym operators with innovative solutions that simply work.
"Accordingly, we are using these additional funds from the financing round to expand our product portfolio and further increase our competitive edge.”
Kunal Dasgupta, Founding Partner of Mayfair Equity Partners, added: “The US$97bn health and fitness industry is a highly resilient, growing, global sector that is still discovering the benefits of digitisation.
“EGYM is at the forefront of digitising the fitness ecosystem, creating a connected workout experience for club members that seamlessly integrates equipment, software, and services.
"We will support their vision of expanding operations in the U.S., growing EGYM’s network of clients and developing new fitness solutions.”
EGYM recently launched its new Fitness Hub, a smart onboarding kiosk and body scanner.
Designed as the "centrepiece of the connected fitness floor", the hub enables smart and contactless onboarding, recurring measurements, flexibility tests, and visual workout guides.
Founded in 2010, EGYM offers a range of products that create a digital, connected exercise experience for health clubs and their members. Currently, around 13,000 studios worldwide use EGYM products and services.
