Virtuagym seeks capital. The Dutch technology company software fitness prepares a new round of financing of up to fifteen million euros during the next twelve months, as confirmed by the CEO and co-founder of the company, Hugo Braam, to Palco23.
Virtuagym was born in 2008, the result of the idea of the Braam brothers, who saw that “there was not too much technology in the fitness sector to help people”. It offers its users a platform for software fitness for customer acquisition, training and club management. With more than 200 employees and offices in Amsterdam and Latin America, Virtuagym serves more than twenty million consumers, and collaborates with fitness companies such as BasicFit, Numen Yoga, CR7 or Clínica Artes TimeFit, among others.
“The objective of the new round is continue to innovate and improve our product, taking technology as the basis for the next steps to follow”, pointed out the manager. The company already closed a financing round of 3.3 million euros in May 2022 to accelerate its international expansion. In fact, since its founding in 2008, Virtuagym has raised up to twelve million euros in various rounds of financing.
Virtuagym has raised twelve million euros in financing rounds since its foundation in 2008
The company intends to focus its efforts in the coming months on Spain, after having become its second target market, with 800 customers currently. “The objective is increase customers in the Spanish territory up to 2,000 partners within the next three years”, Braam admitted.
In fact, Spain is close to the figures of the Netherlands, the company’s main market. The Dutch market accounts for 50% of all customers, around 9,000 partners, which Virtuagym currently has. Although the Netherlands and Spain are only two of the eighty countries in which the company operates.
Among the 9,000 fitness companies the company does business with, “there is no common center profilesince the target is very varied: from centers storeyoga clubs, big box or conventional gyms”, points out the manager about his target audience.
The Braam brothers founded the company because “there wasn’t a lot of technology in the fitness industry to help people.”
Last week the company He launched to market its first AI-based product: the AI Coach. With this tool, Virtuagym aims to improve the personalization of workouts in fitness clubs, as it creates sessions tailored to users based on the specific needs that they enter into a chat service.
“Since we founded the company, we saw that the fitness market was short of software that give personalized support to people”, the manager admitted. With the inclusion of artificial intelligence in pool of products, Virtuagym intends to go a step further in the development of “customized solutions for customers”.