EGYM will have more financial support as it aims to expand and facilitate smart fitness
With one hand, EGYM, the global fit tech provider, pulls in data from its worldwide platform to shape and provide innovative workout experiences for its users. With the other, it’s pulling in investment capital to refuel those efforts.
EGYM just announced its acquisition of $200 million in a Series G funding round led by L Catterton and Meritech Capital. L Catteron is a global consumer-focused investment firm with a history of funding health and wellness companies, supporting brands like Tally Health and Thorne Health Tech. Meritech Capital is a Silicon Valley technology-focused venture firm.
The investment will add further support to the EGYM Wellpass corporate wellness network and further develop the brand’s digital solutions, smart strength equipment, and tech-enabled products. In the process, EGYM also received a valuation of over $1 billion.
“EGYM has impressed us with their ability to bring a huge vision – one that was particularly challenging to execute in the early stages – to market so successfully,” said Paul Madera, Co-Founder and partner at Meritech. “EGYM now offers employers a truly technology-driven solution that increases employee wellbeing and productivity while reducing sick days and healthcare costs.”
“I am convinced that EGYM will help to revolutionize the way people workout in gyms across the globe,” added Marc Magliacano, a managing partner in the L Catterton Flagship Fund. “EGYM’s technology enables gyms to become far more appealing and effective to both experienced and new gym members through unprecedented personalization and measurement.”
EGYM remains committed to reshaping the healthcare industry, focusing on preventative care before curative. The Wellpass network, which makes a wide array of fitness facilities available to millions, smart strength equipment, coupled with the known benefits of strength training, and AI-created personalized workouts, promise to further that effort now with this added capital.
“L Catterton and Meritech were my two absolute dream investors for our mission to build the leading global platform at the intersection of fitness and health tech,” said EGYM CEO Philipp Roesch-Schlanderer. “With Marc and Paul, we are strengthening our board with both fitness industry and technology experts. They share our vision of turning the world’s largest market, the healthcare industry, from repair to prevention.”
EGYM’s Wellpass network currently carries 17,000 sports partners and 14,000 corporate customers with over three million eligible employees, according to the brand. It grew even larger as recently as this month, with EGYM acquiring FitReserve, a U.S.-based fitness network with 2,000 studio and gym partners, facilitating 600,000 fitness classes across 60 major markets nationwide.
“Thanks to our smart technology solutions and our fast-growing international corporate wellness platform, we now have a real opportunity to accelerate this change and are more determined than ever to do so,” Roesch-Schlanderer added.
