Egym once again boosts its international growth through a new injection of resources. The German company of software and connected fitness equipment has raised $225 million (207 million euros) through a financing round led by the investment fund Affinity Partners. This North American investment firm, backed by Saudi Arabia, was founded by Donald Trump’s son-in-law and adviser, Jared Kushner, in 2021.
It is the largest round of financing closed by the company to date. With this operation, Egym has already raised close to 350 million euros through investors such as Mayfair Equity Partners, HPE Growth, Highland Capital Europe and Kreos, among others. The company will receive the 107 million euros immediately, while the remaining 100 million will remain available for future use. The first tranche raises the valuation of the German company by 600 million euros, a figure that the company expects will rise when the second tranche is used.
egym raised its business to billing 130 million dollars (119.5 million euros) in 2022, an interannual growth of 70%. With the new economic injection, the company plans to double its participation in markets where it has a lower market share, such as the United States (USA) and become profitable while doubling its sales to 260 million dollars (239 million euros) in 2023.
The company began by focusing its hardware in the basic usage measurements of people who exercised with its brand equipment, and little by little it has been reinventing itself, incorporating more data and science through technology based on Artificial Intelligence. “Over the next two years we will refine this technology [el entrenador personal basado en la IA]”, has assured Philipp Roesch-Schlanderer, founder and CEO of Egym. The company’s bet is to increase the personalization of its service.