Investment Plan for Europe: EIB grants financing of up to EUR 25m to eGym
- Release date: 14 December 2017
- Reference: 2017-376-EN
The European Investment Bank (EIB) will provide financing of up to EUR 25m to eGym GmbH, an innovative developer and manufacturer of fitness technology. The transaction will support eGym´s current investment programme and will help cover research, development and engineering costs, capital expenditures for the expansion of the assembly and production facility, and the permanent increase of net working capital to support market expansion. The financing was made possible by the support of the European Fund for Strategic Investments (EFSI). EFSI is the central pillar of the Investment Plan for Europe, under which the EIB Group and the European Commission aim to act as strategic partners to boost the competitiveness of the European economy.
Ambroise Fayolle, Vice-President of the EIB responsible for Germany, commented: “eGym, which was founded just seven years ago, is a very fast growing company. Supporting young and innovative businesses on their way into growth is one of the priorities of the EU bank, because these companies create the employment for the future.” And he added: “eGym provides an open cloud platform, connecting machines produced by third parties in order to facilitate the best fitness training and monitoring possible. This is cutting-edge technology to create complete fitness ecosystems, which will help improve European citizens' access to the best available wellbeing and health equipment.”
eGym CEO Philipp Roesch-Schlanderer: „We feel very honored to receive the EIB funding. From day one it has been eGym’s vision to make the gym work for everyone and provide users with the best training experience possible. Today we see that prevention and improving personal levels of fitness, are becoming more and more important for large audiences. eGym offers software-based, intelligent training solutions in order to keep gym members highly motivated.”