NGP Capital, the venture capital firm sponsored by communications equipment maker Nokia, has led a $20m series D round for Germany-based physical training equipment and software provider eGym.
The round also featured Highland Europe, a branch of VC firm Highland Capital Partners, as well as investment firm HPE Growth Capital
Founded in 2010, eGym produces motorised fitness equipment that automatically adapts to a user’s strength, also collecting data that can be synced with the company’s platform. Users can use the platform to devise and help execute training plans.
The technology has been installed in more than 14,000 gyms across Europe and the US, and the series D funding has been earmarked for international growth and the development of eGym’s Corporate Wellness Market Place, which enables employers to help improve employee health.
NGP Capital partner Walter Masalin said: “Preventative healthcare is the key to tackling rapidly increasing healthcare costs globally, and exercise plays a crucial role. The products and services eGym offers are making exercise more accessible and more personalised.
“We are impressed with the vision and execution eGym’s leadership team has demonstrated as it aims to reshape the global fitness and wellness market.”
Highland Europe led a $15m series B round for eGym in 2014 that was also backed by Bayern Kapital and High-Tech Gründerfonds, before the company raised $45m in an early 2016 series C led by HPE Growth that included Highland Europe.
European Investment Bank subsequently agreed in December 2017 to supply up to €25m ($29.4m) in financing for eGym.
