eGym Raises $45M To Roll-Out Cloud-Connected Fitness Equipment To Gym Floors

MUNICH, Germany — eGym, a provider of high-tech strength equipment and advanced fitness software, has raised $45 million in Series C financing led by new investor HPE Growth Capital.

Providing gym operators with essential information about their members, while enabling gym goers to receive personalised, dynamic training plans, eGym’s innovative product portfolio provides consumers with personalised goals and advice based on data collected during their workouts.

It’s technology that the brand argues will help to increase customer retention rates by bridging the gap between consumers and equipment.

“Our product strategy is unique in the global fitness market,” explained Philipp Roesch-Schlanderer, founder and CEO of eGym.

“We support personal trainers and gym operators to make the gym work for everybody and believe that once we have connected all aspects of the training floor, the usability and effectiveness of that gym dramatically increases. Members will be more successful in achieving their goals, leading to higher retention rates, whilst trainers can leverage real-time data to further support members with their ambitions. Everybody wins,” he added.

For gym-goers, the technology will provide access to real-time progress reports and instructions, allowing them to integrate fitness equipment into their exercise routines more effectively and independently – a problem area many gym operators have been struggling to get to grips with. But one HPE Growth Capital is confident eGym can eradicate.

“We strongly believe that technology will revolutionise the way people exercise and contribute to a healthier and stronger lifestyle,” said Manfred Krikke, Partner at HPE Growth Capital.

Providing leading technology companies with relevant experience and institutional capital, the firm argues that based on eGym’s innovative approach, combining connected equipment, software and the Internet, as well as its extraordinary team and vision, they are confident that they’ve found a market leader.

For eGym, the new capital injection will allow them to accelerate growth and aggressively invest in the expansion of the company’s technology and digitisation strategy.

Having launched the product successfully in more than half a dozen European countries within the last two years, more international regions will follow shortly as the company continues with their quest to redefine the gym industry – a market they argue is yet to be disrupted by digital innovative.