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The success story of a Munich startup in the fitness sector

Since 2010, the Munich startup eGym digitizes the fitness world. NGP Capital, Highland Europe, HPE Growth Capital and Bayern Kapital recently invested another $ 20 million in the company. Which was founded by Philipp Roesch Schlanderer and Florian Sauter. In 2016, the startup already collected $ 45 million. By the end of 2017, EUR 52.9 million additional paid-in capital had already flowed into eGym. Which sells intelligent fitness equipment.

Financial statements of the company

For the first time, the company, which recently employed 260 employees, now presents consolidated financial statements. Accordingly, eGym’s sales increased to 41.1 million euros. The most important sales market for the eGym Group in 2017 was Germany with approx 75.0% of sales, the company announces. Thus, it is no wonder that the money from the last round of investment should flow primarily into the expansion. Beyond Germany’s borders, there is still a lot to be gained for eGym.

The bottom line is that eGym numbers are still deep red. In 2017, the annual net loss of the small eGym group was a staggering 10.7 million euros. Overall, the construction of the fitness company now cost around 31.3 million. In the coming years, eGym will continue to write solid red numbers. For 2018, however, the company continues to expect significant sales growth. The investments are to be increased again in the financial year 2018. The financing comes from the current cash flow and the European Investment Bank’s credit line, which was completed at the end of 2017, says the company.

Facts from the financial statements 2017

The 2017 financial year has developed very positively for the eGym Group. In addition to a strong increase in sales in 2017, which was driven by growth in all companies. The international expansion in particular was continued. Growth was well above the market average. Due to the first time preparation of the consolidated financial statements, the net assets, financial position and results of operations for the year under review do not contain comparable figures for the previous year.

Personnel expenses increased strongly due to the accelerated expansion and the related increase in the number of employees in the financial year, amounting to EUR 19,016 thousand. The net loss for the financial year 2017 was EUR 10,691.

As of December 31, 2017, the number of full-time employees was 260 of which 221 in Germany, 36 in Europe, and 3 in the US. In the area of force equipment sales, the existing backlog is the most important leading indicator of sales. The order backlog increased significantly in 2017. So that we expect to be able to achieve a significant increase in Group sales again in 2018.

eGym in the number check

  • 2017: 41.1 million euros (sales); € 10.7 million (net loss)
  • 2015: 12.9 million euros (gross profit); 4.7 million euros (net loss)
  • 2014: 8.0 million euros (gross profit); 3.2 million euros (net loss)
  • 2013: 698.503 euros (net loss)
  • 2012: 1,045,597 euros (annual deficit)
  • 2011: 512,576 euros (net loss)
  • 2010: 18,575 euros (annual deficit)

Also published on Medium.

Published inStartups

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