Connected fitness startup EGYM is ramping up with $200m at a $1.2B+ valuation
Getting healthy is big business these days. Now a startup that’s come up with a unique approach leveraging tech to help people with their exercise regimes
Getting healthy is big business these days. Now a startup that’s come up with a unique approach leveraging tech to help people with their exercise regimes is announcing a big round of funding, putting some weight behind its own push for growth.
Munich-based EGYM — a startup taking a vertically-integrated approach to connected fitness — has closed a Series G round of just over $200 million from L Catterton and Meritech, both new backers of the startup.
The funding is coming in at a post-money valuation of more than $1.2 billion, CEO and founder Philipp Roesch-Schlanderer confirmed to TechCrunch in an interview, and it will be used in a couple of key areas.
The company has several products and services that it sells and develops in tandem. There are connected workout stations that it sells to gyms, and the software that runs on those machines that people exercising can use to better understand what they are doing and getting out of their exertions. There is a marketplace where EGYM connects those gyms to companies that are building out their own wellness programs for their employees. And most recently, there is a new AI-powered personal assistant that EGYM has launched that individuals users can access to help them track their activity and offer more suggestions to improve their activity and outcomes.
The plan will be to drive more business across all of these areas. One focus will be expansion in its newest markets, the U.K. and the U.S., where it has respectively acquired two smaller companies, Hussle and FitReserve. It also wants to continue building the AI assistant, called Genius, which launched earlier this year. Despite the hype around AI, Genius is no AI gimmick, Roesch-Schlanderer said.
“I don’t really have an opinion about the
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