German gym equipment startup EGYM has managed to raise €28 million after a year of business cuts and downsized dreams, Handelsblatt reports. The new funding, which comes from previous backers Nokia Growth Capital, Highland Europe, HPE Growth Capital and Bayern Kapital, will help the company survive through the coronavirus lockdowns.
Prior to the pandemic, the Munich-based company had over $100 million in funding and was headed toward an IPO. As the crisis took hold, plans for further funding took a backseat as EGYM laid off 100 of its 420 employees.
The company makes smart sports equipment for fitness studios and other facilities, deciding not to sell to private customers. The machines connect not only to EGYM’s digital products but also to third-party fitness wearables and cardio devices.