Virtuagym, provider of a cloud-based fitness software platform and mobile apps, closed a €6 million Series B financing round led by growth investor Endeit Capital, to fuel international growth of the company.
Founded by two brothers, Paul and Hugo Braam, Virtuagym has grown from a single-room start-up to a scale-up with over 200 employees and offices in Amsterdam, The Netherlands and Medellín, Colombia. The company serves businesses in the fitness space in over 80 countries worldwide, including the United States and key European markets. Virtuagym will use the new funding to develop new innovations, strengthen their market position in both Europe and the Americas, while fueling further expansion in new markets, such as yoga studios, martial arts and dance studios.
“Technology is gaining momentum in the health and fitness industry,” says Hugo Braam, CEO of Virtuagym. “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. We are delighted to have Endeit Capital joining us. They have a strong track-record in scaling tech businesses internationally and are also experts in the areas of software and content. With their 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: “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 their 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. This, combined with its founders’ vision and the company’s ambitious outlook on product development, convinced us to assist Virtuagym’s roll-out and build a category leader.
About Endeit Capital
Endeit Capital, founded in 2006, invested in about 30 European internet scale-ups to date. Its focus is on pan-European “Connected Consumer” firms in digital media/marketing, adtech, ecommerce and enterprise services, actively supporting them to become leading international players in their industries. With offices in Amsterdam (NL) and Hamburg (DE), Endeit Capital has investments in 6 European countries, being Germany, Austria, Switzerland, UK, The Netherlands and Belgium.
Some latest investments have been Chronext (DE, platform to buy and sell luxury watches). TourRadar (AU, multi-day travel booking platform), Gastrofix (DE, cloud-based hospitality POS systems), Blis (UK, location data marketing platform), Roamler (NL, crowdsourcing) and RIAKTR (BE, big data apps). Some recent successful exits are Contorion (DE, order platform for industrial tools, to Hoffmann Group), Unruly (UK, advertiser video engagement platform, to News Corp) and Metrixlab (NL, online market research platform, to Macromill).