Team Virtuagym | Image credit: Virtuagym
Amsterdam-based Virtuagym, an online fitness platform that offers core exercises, personal training and tailored nutrition plans to users, announced Friday that it has raised €3 million in a new funding round. The investment came from Icecat, an Amsterdam-based technology company that invests in innovative technology organizations.
Martijn Hoogeveen, CEO of Icecat, says, “We are delighted to support Virtuagym in their plans for further innovation and growth in health technology. We love the Virtuagym team and their cloud vision to help transform the health and fitness industry.”
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Icecat International BV is a €25 million investment fund for Icecat NV. Icecat NV has been listed on the NPEX Exchange since 2017 and claims to be a profitable, fast-growing online publisher and product information aggregator serving the global e-commerce market. Hatch, a Dutch portfolio company for Icecat, was recently acquired by its US competitor, Pricepider.
use of capital
Virtuagym says the proceeds will support its international growth, with a significant investment in its comprehensive program of club management, coaching, and involvement in the health and fitness industry.
Hugo Braam, CEO and co-founder of Virtuagym, says, “The past two years have been a huge challenge for our industry, but I believe our solutions have demonstrated great value to our customers, particularly in the transition towards a more hybrid digital-enhanced customer experience.”
Bram adds: “We are very excited and humbled by Icecat’s support for this new investment. We have just started with our big plans to positively impact our industry even more, and we will continue to work hard to help our customers with great new solutions. “
With the fitness industry emerging from the global pandemic, this investment marks a significant point in Virtuagym’s mission to “make the world a healthier, happier place.”
Provider of health and fitness programs
Founded in 2008 by brothers Hugo and Paul Braam, Virtuagym is a health and fitness technology provider of coaching, engagement and management for the corporate fitness and wellness industry. The company says it is on a mission to become the number one digital company in the fitness and health space by offering the Health OS: an open, highly scalable platform that is easy for developers.
The Virtuagym platform provides a complete mobile app ecosystem integrated with solutions for exercise and nutrition guidance, progress tracking, wearables, online training, scheduling, billing and more.
Every startup faces some initial hiccups, and that was true for Virtuagym. The company had to figure out how to offer a solution that people would willingly pay for. “Initially, we didn’t know that gym owners and fitness enthusiasts would be our customers. We simply set out on a holistic vision that includes exercise training with nutrition, challenges, community, gouging, trainer interface, etc. However, it was very difficult Selling a subscription to end users for a digital-only service initially. After pivoting into the B2B fitness space, we noticed better traction, although it took us 3.5 years before we generated any revenue,” Bram notes.
Virtuagym now supports over 20 million consumers, over 9,000 fitness companies, and over 45,000 trainers worldwide, including Mrs Sporty, XSport, Fit20, Fitness Park and many more. The company has more than 200 employees across its offices in Amsterdam and the Americas.
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