Lexar Partners and company shareholders have invested €5.8m (£5m, US$5.7) in Funxtion with the aim of achieving tenfold growth
The funds will be channelled into data science and AI, as well as international development
Mendel Witzenhausen and Ernst de Neef founded Funxtion in 2011
Funxtion’s B2B SaaS platform is used in over 1,000 gyms, including Pure Gym and Fitness First
Digital fitness provider
Funxtion has raised €5.8m (£5m, US$5.7) from Lexar Partners and company shareholders. The capital will be used to develop its B2B SaaS platform, particularly in the areas of data science and AI, as well as driving European and international expansion, with the company targeting tenfold growth.
Founded by Mendel Witzenhausen and Ernst de Neef in 2011, Funxtion provides white label digital fitness content, or incorporates third-party content, to create a personalised fitness journey for its customers’ members. The omnichannel delivery allows users to access content via the web, apps and in-gym displays.
“We believe that a hyper-personalised, omnichannel member experience is the future of fitness,” said Ernst de Neef, co-founder and CEO. “With this funding we'll invest in the intelligence of our platform by leveraging the power of data science, machine learning and AI, enabling our clients to provide personalised digital fitness experiences at scale.
“We'll also solidify our presence in our current markets and invest heavily in sales and marketing to move into new territories, such as the United States.”
Funxtion’s platform can provide standard or more personalised packages, allowing its B2B clients to meet members’ needs at a range of membership levels. With a focus on member engagement and retention, and meeting consumer fitness trends, de Neef explained
in HCM magazine that the company’s vision is to “open up the potential for predictive modelling that helps operators quickly react to what their customers are going to request and in what quantities”.
“Funxtion is a leader in the digital transformation of the fitness industry worldwide and the founders’ product and vision support our passion for investing in businesses that use innovation to help people live healthier lives,” said Sander van Woerden, founding partner at Lexar Partners.
“We're pleased to support Funxtion in its plans to accelerate the innovation of its platform and grow 10 times in the next few years.”
Funxtion currently operates across 27 countries, including Australia and Canada, supporting more than 1,000 gyms, such as Fitness First, Pure Gym and Train More.
