EGYM will receive more financial support to expand and promote smart fitness.
As a global fitness technology provider, EGYM is not only collecting data from its global platform to shape and deliver innovative training experiences to its users, but is also attracting investment capital to further fuel these efforts.
EGYM announced it has raised $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 companies, backing brands such as Tally Health and Thorne Health Tech. Meritech Capital is a Silicon Valley technology-focused venture firm.
The investment will further support the EGYM Wellpass enterprise wellness network and further develop the brand’s digital solutions, smart strength equipment and high-tech products – in the process, raising EGYM’s valuation to over $1 billion.
“We’ve been impressed with EGYM’s ability to bring to market so successfully a big vision that was particularly difficult to execute on in the early stages,” said Paul Madera, co-founder and partner at Meritech. “EGYM now offers employers a truly technology-driven solution that improves employee health and productivity while reducing sick days and healthcare costs.”
“We believe EGYM will revolutionize the way people train in gyms around the world,” added Mark Mariacano, Managing Partner of the L Catterton Flagship Fund. “EGYM’s technology will make gyms far more engaging and effective for both experienced and new gym members through unprecedented personalization and measurement.”
EGYM remains committed to reinventing the healthcare industry with a focus on preventative care over cure. The Wellpass network provides millions of people with a wide range of fitness facilities, smart strength training equipment, the known benefits of strength training, and personalized workouts created with AI, and the company is committed to furthering that effort with this additional funding.
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“L Catterton and Meritech were the perfect dream investors for our mission to build the world’s leading platform at the intersection of fitness and health tech,” said EGYM CEO Philippe Roche-Schlanderer. “The addition of Mark and Paul strengthens our board of directors with fitness industry and technology experts who share our vision of transforming the healthcare industry, the world’s largest market, from repair to prevention.”
EGYM said its Wellpath network currently has 17,000 sports partners and 14,000 corporate clients, serving more than 3 million employees. This month, the network was further expanded when EGYM acquired FitReserve, a US-based fitness network with 2,000 studio and gym partners offering 600,000 fitness classes in 60 major markets nationwide.
“Thanks to our smart technology solutions and fast-growing international corporate wellness platform, we now have a real opportunity to accelerate this change and we are more determined than ever to do so,” added Roesch-Schlander.
