The fitness technology industry in Benelux is a vibrant ecosystem focusing on health and well-being through innovation. It features a variety of startups and established firms creating everything from wearables and fitness apps to software solutions aimed at enhancing performance and promoting healthy lifestyles. Consumer engagement is on the rise as people increasingly prioritize their wellness. This sector is not only focusing on consumer fitness products but also expanding into areas like high-performance training technologies and health analytics, promising substantial growth driven by technological advancements and heightened awareness of personal fitness.


The list includes a mix of investors, from venture capital firms to corporate entities, showcasing a vibrant investment community. Based in notable cities like Amsterdam and Brussels, these investors vary in size, from small teams of 11 to over 10,000 employees. Many were established in the late 20th century, with 2024 marking significant activity in their deal-making, totaling 57 investments from the European Innovation Council and up to 99 from the European Investment Bank, highlighting the strong interest in the fitness technology sector.


Top 12 Fitness Technology Investors in Benelux


1. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC also provides business acceleration services, networking opportunities, and prizes to foster innovation across different sectors. Notably, the EIC has been involved in funding health and fitness technology companies, such as PKVitality, which raised over $6.8 million in a Series A round, and Xsensio, which focuses on developing wearables for critical care. These transactions highlight the EIC's commitment to supporting innovative solutions in the health and fitness technology space, making it a significant player in this industry.


2. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. The EIB's mission is to promote growth and job creation, and it serves both public and private organizations seeking funding for initiatives that align with these goals. Notably, the EIB has been involved in several transactions relevant to the fitness technology sector, such as a debt financing round for EGYM, which raised approximately $29.4 million to enhance its fitness technology offerings. Additionally, the EIB provided a €12 million loan to FAZUA for the development of e-Bike components, which can be linked to fitness and active transportation. These transactions highlight the EIB's engagement in the fitness technology space, despite its broader focus on various sectors.


3. Rockstart

  • Website: rockstart.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2011
  • Headcount: 11-50
  • Number of deals in 2024: 16
  • LinkedIn: rockstart

Rockstart is a startup accelerator and investment firm based in Amsterdam, Netherlands, founded in 2011. They empower early-stage founders across various sectors, including AgriFood, Energy, and Emerging Technology, by providing investment, mentorship, and networking opportunities to help startups scale and succeed. Notably, Rockstart has invested in several fitness technology-related companies, such as Swetro, which raised $140,000 in a Pre-Seed round in October 2023, and Vanido, which focuses on fitness solutions. Additionally, they supported Easy Way to Health, which raised $23,055 in a Seed round in 2018. These transactions highlight Rockstart's engagement in the fitness technology space, demonstrating their commitment to supporting innovative health and wellness startups.


4. Exor N.V.

  • Website: exor.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 26
  • LinkedIn: exor_2

Exor N.V. is a venture capital holding company based in Amsterdam, Netherlands, founded in 2009. It operates across various sectors, including automotive, healthcare, and media, and manages a diverse portfolio of companies such as Ferrari, Stellantis, and Philips. Exor focuses on enhancing value through strategic investments and operational support. In the fitness technology context, Exor has made notable investments, including a Series A funding round for Fiit, which raised $8.7 million in March 2019, indicating a strong interest in fitness-related technology. Additionally, Exor participated in the Pre-Seed round for eSteps Health, which raised $325,000 in January 2023, and in the Seed funding for Norbert Health, a company specializing in contactless vital sign scanning, showcasing their commitment to health and wellness innovations. These transactions highlight Exor's engagement in the fitness technology sector, making them a relevant investor in this space.


5. dsm-firmenich

  • Website: dsm-firmenich.com
  • Type: Venture Capital
  • Headquarters: Maastricht, Limburg, Netherlands
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: dsmfirmenich

dsm-firmenich is a for-profit company based in Maastricht, Limburg, Netherlands, operating primarily in the nutrition, health, and beauty sectors. With a workforce of over 10,000 employees, the company provides a diverse range of products, including fragrances, nutritional supplements, and active pharmaceutical ingredients. As a venture capital investor, dsm-firmenich has shown a keen interest in the fitness technology sector through its investments in companies like Momentous, which focuses on human performance and has raised $6.5 million in a Series A round led by DSM Venturing. They also invested in Rootine, a company that raised $3 million in a seed round, and Panaceutics Nutrition, which has received significant funding to enhance its production capabilities and research efforts. These transactions reflect dsm-firmenich's commitment to supporting innovative solutions that enhance health and fitness, aligning with their broader mission to address sustainability challenges and improve product offerings across various industries.


6. Gilde Healthcare


Gilde Healthcare is a venture capital firm based in Utrecht, Netherlands, specializing in healthcare investments. Founded in 1982, the firm manages over €2.6 billion across two fund strategies: Venture & Growth and Private Equity. Gilde Healthcare focuses on innovative healthtech and therapeutics companies, as well as profitable lower mid-market healthcare providers in Europe. Notably, Gilde has invested in Withings, a Paris-based connected health company that raised $60 million in Series B funding, highlighting their commitment to health technology that often overlaps with fitness. They also led a $38 million equity financing round for Spire Health, which develops respiratory remote patient monitoring solutions, further showcasing their interest in health technologies that can enhance overall wellness and fitness. Their investment strategy supports healthcare businesses seeking capital and strategic support, positioning them as a significant player in the health and fitness technology landscape.


7. M Ventures

  • Website: m-ventures.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 18
  • LinkedIn: merck-ventures

M Ventures is a venture capital fund based in Amsterdam, Netherlands, founded in 2009. The firm specializes in investing in transformative ideas within the biotechnology and technology sectors, with a strong focus on healthcare, life sciences, and advanced technology. M Ventures collaborates closely with entrepreneurs to drive innovation and growth in their portfolio companies. Notably, M Ventures has participated in significant funding rounds for companies like Biolinq, which is developing technology platforms for health monitoring, and Sonde Health, an AI-enabled voice technology platform aimed at enhancing health-monitoring technologies. These investments highlight M Ventures' commitment to supporting startups that are at the intersection of technology and health, which is relevant to the fitness technology sector.


8. Mangrove Capital Partners


Mangrove Capital Partners is a venture capital firm based in Luxembourg, founded in 2000, that specializes in early-stage investments in innovative technology companies. They provide financial support and strategic guidance to entrepreneurs, particularly in sectors like digital health and education tech. Their operations are focused on Europe and Israel, where they actively seek to empower startups and foster growth in the tech ecosystem. Notable transactions include investments in Thoth Medical, which operates in the health tech space, and K Health, which raised a significant amount in 2024, indicating their active role in the health technology sector. Additionally, their investment in Flo Health, a company that provides health tracking solutions, further emphasizes their engagement in areas that intersect with fitness technology.


9. LUMO Labs

  • Website: lumolabs.io
  • Type: Venture Capital
  • Headquarters: Eindhoven, North Brabant, Netherlands
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: lumo-labs

LUMO Labs is a venture capital firm based in Eindhoven, North Brabant, Netherlands, founded in 2016. They specialize in impact-driven investments in emerging technologies, providing funding and tailored support programs to early-stage startups that address social and environmental challenges. Their investment strategy is centered around fostering innovation in the technology sector, particularly in areas such as AI and Blockchain. Notably, LUMO Labs has invested in Fimo Health, a startup that raised funds to enhance health technology solutions, which is relevant to the fitness technology space. Additionally, they have supported other startups like Alphabeats, which, while not directly fitness-related, indicates their engagement in health and wellness sectors. Their diverse portfolio suggests a commitment to supporting technologies that can improve health outcomes, making them a potential player in the fitness technology industry.


10. Capricorn Partners


Capricorn Partners is a venture capital investment management firm based in Leuven, Flanders, Belgium, founded in 1993. The firm specializes in venture capital, growth capital, and quoted equity funds, focusing on innovative companies in sectors such as digital technologies, health, and clean technologies. They aim to create both financial returns and strategic value for their clients through responsible investing. Notably, Capricorn Partners has participated in several relevant transactions, including a Series A investment in Minze Health, which raised $5.3 million in 2024 to scale its digital health solutions for urinary tract problems. Additionally, they were involved in a seed funding round for Minze Health in 2022, further emphasizing their commitment to health technology. Their investment in Thryve, which raised over $4.4 million in Series A funding in 2024, also highlights their interest in innovative health solutions. These transactions reflect Capricorn Partners' active role in the health technology sector, which is closely related to fitness technology.


11. Noshaq

  • Website: noshaq.be
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 1985
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: noshaq-be

Noshaq is a venture capital investment fund based in Belgium, founded in 1985, that provides financial solutions and strategic support to small and medium-sized enterprises (SMEs) in the province of Liege. The firm focuses on funding, project structuring, and business development, particularly in sectors such as biotech and sustainable development. In recent years, Noshaq has shown a notable interest in the fitness technology sector, participating in significant funding rounds for companies like MYOCENE, a Belgian-based sportstech company that raised over $3 million in seed funding in 2024 and previously in 2023. Noshaq also invested in Raw Stadia, a sports tech company that raised $1.63 million to expand into the US market, indicating its commitment to fostering growth and innovation in the fitness technology landscape.


12. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC has made significant investments in various sectors, including a majority stake acquisition in Virgin Active, a gym chain owned by Richard Branson’s Virgin Group, which highlights their commitment to the fitness industry. Additionally, their acquisition of Icario, a health action company, further emphasizes their focus on health and wellness, which is closely related to fitness technology. CVC's strategy of partnering with entrepreneurs and enhancing growth through strategic investments positions them as a key player in the fitness technology landscape.



Fitness Technology Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
European Investment Bank (EIB)Luxembourg1001-5000195899
RockstartAmsterdam, North Holland, Netherlands11-50201116
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
Gilde HealthcareUtrecht, Utrecht, Netherlands51-200198212
M VenturesAmsterdam, North Holland, Netherlands11-50200918
Mangrove Capital PartnersLuxembourg11-5020005
LUMO LabsEindhoven, North Brabant, Netherlands11-5020165
Capricorn PartnersLeuven, Flanders, Belgium11-5019935
NoshaqBelgium11-50198511
CvcLuxembourg1001-5000200516


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