The fitness equipment industry in Benelux includes manufacturers, retailers, and service providers focused on creating and selling gym equipment, personal fitness devices, and wellness products. This sector has seen growth fueled by rising health consciousness, with companies innovating in smart technology to enhance user experience. Additionally, fitness startups are increasingly addressing niche markets, offering unique solutions like home fitness setups and personalized training programs. As more individuals prioritize health, the future looks bright for this industry, possibly leading to increased collaboration and investment, particularly in technology-driven solutions.


The investor landscape features a mix of corporate, venture capital, and private equity firms headquartered in Benelux. Ranging in size from small startups to large corporations, these investors are committed to supporting innovative yet sustainable businesses in the fitness equipment sector. Founded between 1898 and 2021, with 2024 deals highlighting their continuous interest, firms like CVC and Sofina showcase a focus on impactful investments that promote growth and transformation within the industry.


Top 13 Fitness Equipment Investors in Benelux


1. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services. EIB supports sustainable projects across various sectors, catering to both public and private organizations seeking funding for initiatives that promote growth and job creation. Notably, EIB has been involved in several transactions relevant to the fitness equipment industry, such as a debt financing round for EGYM, which raised approximately $29.4 million in December 2017. Additionally, EIB has provided debt financing to other companies like Ottobock and Blubrake, showcasing its broader investment strategy that includes sectors related to health and fitness.


2. 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's investment strategy focuses on delivering sustainable value and growth through strategic investments. Notably, CVC acquired a majority stake in Virgin Active, a gym chain owned by Richard Branson’s Virgin Group, in October 2011. This acquisition highlights CVC's strategy of partnering with entrepreneurs and their commitment to the fitness industry. While CVC has made various acquisitions across different sectors, their involvement with Virgin Active positions them as a relevant investor in the fitness equipment space.


3. Sofina

  • Website: sofinagroup.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1898
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: sofina

Sofina is a venture capital investment company based in Brussels, Belgium, founded in 1898. The firm specializes in providing patient capital to growing businesses across various sectors, including telecommunications, consumer goods, and energy. Sofina partners with entrepreneurs and family-owned businesses, offering strategic advice and long-term investment solutions to foster sustainable growth. Notably, Sofina has invested in companies that align with health and wellness, such as HealthKart, which raised $25 million to expand its omnichannel nutrition platform, and Twin Health, which focuses on technology solutions for diabetes management. Additionally, their investment in Oviva, a health tech startup, further emphasizes their commitment to the health sector. These transactions highlight Sofina's interest in supporting businesses that contribute to health and fitness, making them a relevant player in the fitness equipment investment landscape.


4. 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 in the nutrition, health, and beauty sectors. The company offers a diverse range of products, including fragrances, nutritional supplements, and active pharmaceutical ingredients, serving various industries with innovative solutions aimed at enhancing product offerings and addressing sustainability challenges. Notably, dsm-firmenich's venture capital arm, DSM Venturing, has made significant investments in companies like Momentous, which focuses on human performance and fitness, raising $6.5 million in a Series A round to support new product launches and technology developments. This investment highlights dsm-firmenich's commitment to the fitness and wellness sector, alongside other investments in health-related companies such as Rootine and Prenexus Health, further emphasizing their active role in promoting health and performance.


5. Verlinvest

  • Website: verlinvest.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1995
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: verlinvest

Verlinvest is a venture capital firm based in Brussels, Belgium, founded in 1995. The firm specializes in high-growth consumer brands across various sectors, including food, beverage, health, and technology. Verlinvest provides long-term capital and strategic advisory services to help brands scale and innovate. Notably, they have recently acquired a significant stake in The Climbing Hangar, the leading UK bouldering gym operator, which highlights their commitment to the fitness industry. This investment aims to accelerate growth and expand operations in the fitness sector. Additionally, their diverse portfolio reflects a focus on consumer needs and sustainable practices, further aligning with the values of the fitness equipment market.


6. SanomaVentures


SanomaVentures is a venture capital firm based in Hoofddorp, North Holland, Netherlands, founded in 2011. The firm specializes in supporting innovative startups primarily in the digital information, entertainment, and education sectors. They provide funding, strategic guidance, and access to a broad network to help entrepreneurs grow their businesses. Notably, SanomaVentures has made investments in the fitness domain, including Virtuagym, which raised $900,000 in a venture round in January 2013, and Yogaia, which secured $3 million in a seed round in August 2015. These companies focus on fitness solutions and online wellness classes, showcasing SanomaVentures' engagement in the fitness equipment and wellness industry, alongside their broader investment strategy in technology and media.


7. Waterland Private Equity


Waterland Private Equity Investments B.V. is a private equity firm based in Bussum, North Holland, Netherlands, founded in 1999. The firm specializes in growth equity investments and partners with ambitious entrepreneurs and management teams to support their growth strategies through strategic planning and operational assistance. Waterland focuses on various sectors, including healthcare and sustainability, and operates across Europe. Recently, Waterland has made notable investments in the fitness sector, including the acquisition of LifeFit Group, a German health and fitness platform, from Oaktree Capital Management. This acquisition, announced on June 7, 2024, marks a significant entry into the fitness industry for Waterland. Following this, LifeFit Group has also acquired the FIT/One Group, further expanding its footprint in the fitness market. These transactions highlight Waterland's active role in the fitness equipment and services sector, making them a relevant investor in this space.


8. Saffelberg Investments


Saffelberg Investments NV is a private equity and venture capital firm based in Gooik, Flanders, Belgium, founded in 2007. The firm specializes in long-term investments in fast-growing ventures, particularly in technology and life sciences. Saffelberg provides not only capital but also management expertise to help businesses achieve their growth potential. Among their notable transactions, they invested $2.3 million in Virtuagym, a Dutch provider of cloud-based fitness software, which aims to expand its services in the health and fitness industry. This investment highlights Saffelberg's engagement in the fitness sector, alongside their diverse portfolio that spans various industries.


9. Graduate Entrepreneur Fund


The Graduate Entrepreneur Fund is a venture capital firm based in the Netherlands, founded in 2021. It specializes in providing funding and support to early-stage startups founded by alumni of the universities of Delft and Rotterdam. The firm typically invests between €75K to €2M, offering tailored support, coaching, and networking opportunities to help entrepreneurs navigate their challenges. Notably, the fund has invested in Gymstory, a company that raised an undisclosed amount in a Pre-Seed round in February 2022, indicating their engagement in the fitness equipment sector. Additionally, they participated in the Pre-Seed round for GetEase, which, while not directly related to fitness equipment, showcases their active investment strategy. Their involvement in Channext, a SaaS platform, further demonstrates their diverse investment portfolio, but their direct investments in fitness-related startups highlight their relevance in this industry.


10. Inkef

  • Website: inkef.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: inkef-netherlands-manager

Inkef is a venture capital firm based in Amsterdam, founded in 2010, specializing in early-stage investments primarily in the healthcare and technology sectors. They are known for supporting mission-driven entrepreneurs by providing funding and strategic guidance aimed at scaling businesses for long-term value creation. Notably, Inkef has participated in significant transactions such as Urban Sports Club, which raised over €80 million to enhance health and fitness awareness across Europe. This investment reflects their engagement in the fitness sector, despite their broader focus on healthcare and technology. Additionally, they led a €12.5 million Series B financing round for NightBalance, a company that may have implications for health and wellness, further showcasing their interest in sectors that intersect with fitness and health.


11. Endeit Capital


Endeit Capital is a venture capital firm based in Amsterdam, Netherlands, specializing in growth capital investments for European tech scale-ups. Founded in 2006, the firm focuses on sectors such as AI, fintech, and climate tech, providing strategic support and portfolio management to entrepreneurs. Notably, Endeit Capital has invested in Virtuagym, a provider of a fitness software platform and mobile apps, which raised €6 million in Series B funding in May 2018. This investment highlights their engagement in the fitness industry, as Virtuagym aims to develop new innovations and expand its market presence. Additionally, Endeit Capital has a history of supporting innovative companies, which aligns with the evolving landscape of fitness technology.


12. ABN AMRO Bank N.V.

  • Website: abnamro.nl
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1991
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: abn-amro

ABN AMRO Bank N.V. is a financial services institution based in Amsterdam, Netherlands, founded in 1991. It offers a wide range of banking products, including personal accounts, loans, mortgages, investment management, and insurance, catering to both individual consumers and businesses. The bank has been involved in various transactions, including the acquisition of TylöHelo in 2006, a company known for its sauna and wellness products, which aligns with the fitness equipment sector. Additionally, they acquired STIGA S.p.A. in 2003, a company that produces outdoor and indoor recreational products, which may also have relevance to fitness. However, their recent investments, such as in Fairphone, indicate a focus on sustainable technology rather than fitness equipment specifically. This diverse investment strategy reflects their commitment to supporting various sectors while also addressing sustainability issues.


13. Capital Mills

  • Website: capitalmills.nl
  • Type: Venture Capital
  • Headquarters: Gorinchem, South Holland, Netherlands
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: capital-mills-bv

Capital Mills is a venture capital firm based in Gorinchem, South Holland, Netherlands, founded in 2015. The firm specializes in providing funding solutions to technology companies, offering revenue-based financing and equity investments to help startups and scale-ups secure the capital needed for growth. Capital Mills leverages a network of investors to support its clients with strategic guidance and access to resources, focusing on fostering innovation within the tech sector. Notably, in September 2015, Capital Mills participated in a venture round for Snap Fitness, a prominent player in the fitness industry, raising an undisclosed amount. This transaction highlights Capital Mills' engagement in the fitness sector, despite their broader focus on technology investments.



Fitness Equipment Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
CvcLuxembourg1001-5000200516
SofinaBrussels, Brussels, Belgium51-20018984
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
VerlinvestBrussels, Brussels, Belgium11-5019955
SanomaVenturesHoofddorp, North Holland, Netherlands1-1020110
Waterland Private EquityBussum, North Holland, Netherlands201-50019997
Saffelberg InvestmentsGooik, Flanders, Belgium1-1020071
Graduate Entrepreneur FundNetherlands11-5020219
InkefAmsterdam, North Holland, Netherlands11-5020104
Endeit CapitalAmsterdam, North Holland, Netherlands11-5020061
ABN AMRO Bank N.V.Amsterdam, North Holland, Netherlands10001+19913
Capital MillsGorinchem, South Holland, Netherlands1-1020151


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