Munich’s EGYM takes on $225 million via Jared Kushner’s Affinity Partners as it eyes an IPO

The fitness tech company is the first European company to receive investment from the private equity firm established by Donald Trump’s former advisor and son-in-law, Jared Kushner.
Munich’s EGYM takes on $225 million via Jared Kushner’s Affinity Partners as it eyes an IPO

At a time of marked funding round slowdowns and diminished amounts, Munich-based fitness tech firm EGYM has raised $225 million in a Series F funding round. According to a report first filed by Bloomberg, the capital will be used to expand into more gyms, increase corporate subscriptions at its network of sports and wellness facilities and press forward with research and development projects, all the while progressing towards an IPO.

The $225 million Series F round was led by Affinity Partners, the Miami, Florida-based private equity fund established by former Donald Trump advisor and son-in-law Jared Kushner. Affinity Partners had received commitments of approximately $3 billion by the end of 2021, $2 billion of which arrived via the Saudi public investment fund. 

The EGYM investment is noteworthy as it’s the first European company to receive funding from Affinity Partners, a firm whose modus operandi is to invest in, “American and Israeli companies that are expanding in India, Africa, the Middle East, and other parts of Asia”.

Producing smart gym equipment and software, EGYM says that in 2022 revenues topped $130 million, a figure that most certainly drew the attention of Affinity, with partner Asad Naqvi telling Bloomberg, “We don’t often come across companies with revenues in the triple-digit millions that are close to doubling in size year-over-year. In EGYM, we are backing an incredible team with a long track record of execution and success, and we look forward to supporting the company on its path to an IPO.”

EGYM, which was founded in 2011 has now raised just over $400 million, with historic backers including Mayfair Equity Partners and Bayern Kapital. PJT Partners served as exclusive financial advisor and placement agent to EGYM in connection with the Series F capital raise.

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