France-based gym chain operator Neoness has obtained €25m ($27.4m) from Salvepar, an investment firm wholly owned by financial conglomerate Tikehau Group.
The investment consists of both equity funding and convertible bonds, though the companies have not revealed individual amounts. Salvepar now holds a 25% stake in Neoness.
Founded in 2007, Neoness operates approximately 20 fitness centres across Paris and other French cities. Membership costs are kept low and start at €10 per month.
The company expects to use the funding to open an additional 10 gyms next year. It has also obtained a bank loan of undisclosed size to that end.
Céline Wisselink, co-founder of Neoness, said: “We have been seduced by Salvepar’s flexible and bespoke approach as well as by its experience in supporting growth companies. We are really happy to create a partnership with this strategic shareholder for our project.”