Munich (ots) - The Munich-based high-tech fitness company eGym is accelerating its international expansion and product development by raising $15 million from new investor Highland Capital Partners Europe and existing investors Bayern Kapital and High-Tech Gründerfonds.
eGym provides online fitness solutions for gym operators and gym members. An intelligent combination of hardware and software provides gym operators with valuable information about their members. Gym members have access to a personalised and evolving training plan.
eGym CEO Philipp Roesch-Schlanderer: "Our product strategy is unique in the global fitness market. eGym combines the latest electronic and machine technology, powered by German engineering, with the benefits of mobile online applications. eGym stands for quick, sustainable fitness training success and more fun in the gym! We are delighted to share our enthusiasm with Highland Capital, gaining a terrific investor for our young company."
Irena Goldenberg, a partner with Highland Capital Partners Europe, has joined the eGym board of directors and chairs the board as part of the financing. She said, "eGym’s growth dynamics and capital efficiency are exceptional in our experience. The eGym product suite is unique for an industry that has so far been untouched by by the digital revolution. Led by a passionate entrepreneur, eGym is ideally positioned to help gym owners and members boost their success."
In its first full financial year in 2013, eGym experienced explosive sales growth and achieved a break-even situation. Within 18 months, the team has grown from ten to 100 employees, leading to the opening of a larger office in Munich and a further office in Berlin. "Focusing on finding the best talent has been a key to our success", says Philipp Roesch-Schlanderer.
eGym offers a full range of 18 electronic strength training machines for all major muscle groups. All machines are connected to the internet, opening up major benefits for both users and gym owners. Members can follow customised training programmes supported by eGym’s unique training software. Training programmes are started automatically as soon as the user logs on to the equipment. Training is based on the latest sports science expertise and incorporates four different training methods. Together with gym trainers, workouts can be planned and analysed in detail on any internet-enabled device or using the smartphone app. All training results are stored on the eGym cloud, allowing close monitoring of progress.
The launch of the eGym Trainer app at the FIBO industry fair in April 2014 marked a new milestone for member support in gyms. The eGym Trainer app provides gyms and trainers with a complete overview of member profiles.
In addition, eGym helps gyms to attract new members with targeted online and offline marketing activities.
"We want to support gym operators at each stage of their value chain and make them more successful", said Philipp Roesch-Schlanderer. “This applies in particular to three major areas — customer acquisition, customer support as well as up- and cross-selling to existing members. The eGym Cloud, which brings together all relevant information, plays an essential role in this process."
In addition to Germany, Switzerland and Austria, eGym also markets its products very successfully in the Netherlands and is planning to enter new international markets in the near future.