PRODUCT NEWS
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| Virtuagym secures €6m investment to fund international growth |
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| 23 May 2018 . BY Tom Walker |
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| Virtuagym provides a cloud-based fitness software platform and mobile apps / Virtuagym |
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Technology is gaining momentum in the health and fitness industry
– Hugo Braam |
Virtuagym, provider of a cloud-based fitness software platform and mobile apps, has secured €6m (US$7m, £5.3m) worth of financing to help fuel the international growth of the company.
The company will use the Series B funding round, led by growth investor Endeit Capital, to develop new innovations and expand in new markets, such as yoga studios, martial arts and dance studios.
It will also look to use the funds to strengthen its position on the European and American markets.
Founded by two brothers, Paul and Hugo Braam, Virtuagym has grown from a single-room start-up to a scale-up with more than 200 employees across offices in Amsterdam, The Netherlands and Medellín, Colombia.
The company serves businesses in the fitness space in more than 80 countries worldwide, including the US and key European markets.
"Technology is gaining momentum in the health and fitness industry," said Hugo Braam, Virtuagym CEO.
"As a front-runner in the space we've been promoting technology for over a decade now, and it's great to see the market finally shifting.
"Endeit Capital has a strong track-record in scaling tech businesses internationally and is also an expert in the areas of software and content.
"With its support and this new round of funding, it will help us to accelerate the international roll out and to keep investing in innovation to maintain our position as the industry innovator."
Hubert Deitmers, co-founder and managing partner of Endeit Capital added: "Technology is transforming the way consumers interact with health and fitness clubs as well as their professionals and we believe that Virtuagym is uniquely positioned to tap into this.
"With its innovative and wide-ranging solutions for health clubs, trainers and studios, Virtuagym has achieved significant traction in this huge and growing market, both in Europe and the US."
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