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Virtuagym raises €6 million

25 May 2018

Virtuagym is preparing to intensify investments in business analytics, after it raised €6 million in a second round of funding led by Endeit Capital, a Dutch investment firm.

The Dutch specialist in apps for fitness clubs and consumers, which works with operators such as Basic-Fit and Xercise4Less, is already able to provide detailed analysis of data from its connected platform. The company is “dashboarding and visualising,” to make it easier for operators to analyse their data.

But the fundraising finalised a few days ago should enable Virtuagym to take these efforts further. “Within a year we want to go from analysing to predicting,” said Paul Braam, one of the company’s two founders and chief executives. “We will use the data from the members to predict their behaviour, which could be most relevant for multi-site operators.”

The group has already gained substantial traction since its app is used by about 4,500 gyms and 11 million consumers. Virtuagym boasts that it generates outstanding levels of usage and engagement. Basic-Fit is beefing up its revenues by up-selling a premium version of the app.

Endeit is a twelve year-old firm that has invested in about thirty European tech companies, ready to be scaled up. The name is a combination of the two key people behind it: John de Mol, the Dutch media entrepreneur, and Hubert Deitmers, a former executive board member at Endemol Group and advisor to the Dutch minister of economic affairs.

Read the full story in FNE#57

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