Fitness technology startup EGYM raises €28M as support from investors during the pandemic
The Munich-based startup EGYM has raised €28 million from its previous backers Nokia Growth Capital, Highland Europe, HPE Growth Capital and Bayern Kapital, Handelsblatt reports.
EGYM is a B2B provider of fitness and health facilities with intelligent workout solutions. It offers connected gym equipment and digital products that integrate seamlessly with third-party hard- and software. The startup’s solutions include, for example, EGYM Trainer app and EGYM Cloud that allow trainers to guide, improve and track their customer workouts.
As the founder and CEO of EGYM Philipp Roesch-Schlanderer told Handelsblatt, the pandemic badly affected its business. At the end of 2020, the startup’s sales did not increase, as was planned, but remained at the level of 2019 – €82 million. The coronavirus crisis also prevented EGYM from the IPO, which the startup planned to undertake before the pandemic.