VCs in €28m round for eGym

The equity syndicate also comprised Nokia Growth Partners Capital (NGP), Highland Europe and HPE Growth Capital, according to a report from Handelsblatt.

Unquote sister publication Mergermarket reported in September 2019 that eGym was considering raising a €100m series-E round within the next 12 months, with a view to funding acquisitions in the US market. CEO Philipp Roesch-Schlanderer also told Mergermarket that the company could list within the next three years.

The report from Handelsblatt stated that eGym reported revenues of €82m in both 2019 and 2020. However, the report added that the impact of the coronavirus pandemic on gyms and facilities meant that the company was forced to put some of its growth plans on hold, as well as to let go 100 of its 450 employees. The company expects that the fitness sector will recover from 2022 onwards, the report stated.

Previous funding
The company first received VC backing in July 2014, when Highland Capital, Bayern Kapital and High-Tech Gründerfonds (HTGF) took part in a $15m round for eGym.

HPE, Highland, Bayern and HTGF backed a $45m round for the business in 2016.

In November 2018, NGP led a $20m series-D round for eGym, joined by existing investors Highland Europe, Bayern and HPE.

Company
Founded in 2010, Munich-headquartered eGym produces and installs technology-enabled workout equipment for gyms and health facilities. The machinery uses both hardware and software to operate, and can provide personalised training plans for users, as well as provide information about users for the gyms and facilities in which it is installed.

People
eGym – Philipp Roesch-Schlanderer (CEO).

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• Topics
• Expansion
• DACH
• Consumer
• Venture
• Germany
• High-Tech Gründerfonds