Germany-based smart fitness equipment manufacturer eGym, backed by public-private partnership High-Tech Gruenderfonds (HTGF), raised $45m in a series C round yesterday led by investment firm HPE Growth Capital.
The round also featured Highland Europe and other, unnamed existing shareholders.
Founded in 2010, eGym provides smart gym equipment and an app that users can connect to the company’s cloud platform to track workouts and offer personalised training plans. The app can also be used by personal trainers.
The money will go towards accelerating growth, including investments in eGym’s product and expansion into additional markets. The company’s offering is currently available in eight countries across Europe including the UK, France and Spain.
The company previously raised $15m in a 2014 series A round led by Highland that included HTGF and Bayern Kapital, the state-backed fund of Bavaria. It has not disclosed details about its series B round.
Philipp Roesch-Schlanderer, founder and CEO of eGym, said: “We are hugely excited to have HPE as a new investment partner as they share our enthusiasm for cutting-edge technology and our ambitious growth objectives.”