Munich, Germany – November 21, 2018 – eGym, which makes fitness fit into the digital age, today announced the close of a $20 M Series D round of financing led by NGP Capital, with participation from existing investors Highland Europe and HPE Growth Capital.
eGym will use the funding to aggressively accelerate its international expansion, with a focus on the U.S. market as well as the Corporate Wellness Offering.
Recently signing new U.S. customers such as Fit Republic, eGym brings to the U.S. the personalization of the workout experience in order to support gym goers to achieve their training goals.
“Preventative healthcare is the key to tackling rapidly increasing healthcare costs globally, and exercise plays a crucial role. The products and services eGym offers are making exercise more accessible and more personalized,” added Walter Masalin, partner at NGP Capital. “We are impressed with the vision and execution eGym’s leadership team has demonstrated as it aims to reshape the global fitness and wellness market.”
“We are impressed with the vision and execution eGym’s leadership team has demonstrated as it aims to reshape the global fitness and wellness market.”
eGym’s suite of digital products make fitness work for everyone by creating personalized training programs that evolve for each gym member. The company already provides software-based, intelligent training solutions to nearly 14,000 gyms and businesses across Europe and the United States.
Driving customized training experiences that keep members active, key eGym components include: fully electronic strength machines, eGym mobile Apps, and eGym ONE, the open cloud platform that connects to services and devices both inside and outside the gym supplier agnostic. Hence, companies like Precor, Matrix Fitness and Life Fitness are partners of the eGym ONE Cloud.
“The US is by far the largest market for eGym, and we need to be there,” said eGym Co-Founder and CEO Philipp Roesch-Schlanderer. “Working with NGP Capital, we now have a knowledgeable digital health investor with an extensive U.S. network to help guide our global expansion efforts. Our vision is big because we want to solve two problems that we believe are interlinked: Health Care costs are skyrocketing and the gym fails often to deliver outcomes. Therefor we are building a gym platform that allows global goers to achieve their training goals and connect that to the Corporates via our Corporate Wellness Market Place”.
“Working with NGP Capital, we now have a knowledgeable digital health investor with an extensive U.S. network to help guide our global expansion efforts."
eGym develops the latest concepts for the organization of the training floors in fitness facilities and health-based institutions, like physiotherapy practices. eGym provides the full product range for the digital value creation: “Intelligent” fully electronic power machines in combination with the eGym Trainer and Fitness Apps. With eGym ONE, eGym offers a rapidly increasing Open Cloud Platform to connect all major fitness manufacturers, and enables its vision of the connected gym to come to life.The eGym Corporate Wellness Market Place leverages the gyms for decreasing health care costs. www.egym.com
About NGP Capital
NGP Capital is a globally engaged venture capital fund backing growth-stage and revenue-generating technology companies that will shape and power a fully connected world. By operating one, global fund with over $1.2 billion under management, we extend us our companies’ reach via on-the-ground teams in U.S., Europe, India and China making our portfolio company products and services local everywhere. Visit us at www.ngpcap.com and follow us on LinkedIn and @ngpcapital.
Dr. Hans Juergen Croissant
Communications & PR
+ 49 89 921 31 05-19