The fitness centers and gyms industry in Benelux is dynamic and rapidly evolving, driven by increased consumer interest in health and wellness. A mix of traditional gyms, boutique fitness studios, and emerging digital platforms shapes the market, each offering unique experiences ranging from group classes to personalized training programs. Notably, the rise of innovative fitness technologies, like fitness apps and wearable devices, is influencing consumer engagement and services provided by gyms. As health awareness continues to grow, the industry is expected to expand further, incorporating more tech-driven solutions and flexible membership models to enhance user experience and accessibility.


The investors in this article represent a mix of venture capital and private equity firms located in the Benelux region. Predominantly established in recent decades, these firms vary in size, ranging from smaller teams of fewer than ten to larger organizations with thousands of employees. Throughout 2024, they collectively engaged in numerous deals, emphasizing a strong interest in supporting the fitness centers and gyms sector. Prominent firms include Sofina from Brussels and CVC Capital Partners in Luxembourg, showcasing the region's strategic positioning in the fitness investment landscape.


Top 15 Fitness Centers and Gyms Investors in Benelux


1. 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 investment firm founded in 2005, based in Luxembourg, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. The firm specializes in private equity, credit, secondaries, and infrastructure investments. Notably, CVC has made significant strides in the fitness industry, particularly with their acquisition of Virgin Active, a gym chain owned by Richard Branson’s Virgin Group, in 2011. This strategic investment highlights CVC's approach of partnering with entrepreneurs and their commitment to delivering sustainable value and growth. In addition to Virgin Active, CVC has engaged in various other sectors, but their involvement in the fitness industry through Virgin Active positions them as a relevant player in the fitness centers and gyms market.


2. Waterland Private Equity


Waterland Private Equity Investments B.V. is a private equity firm founded in 1999, based in Bussum, North Holland, Netherlands. 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 significant strides in the fitness industry, notably acquiring a majority stake in LifeFit Group, a German health and fitness platform, in June 2024. This acquisition is part of a broader strategy to enhance their portfolio in the fitness sector. Following this, LifeFit Group acquired the FIT/One Group, expanding its presence in Germany and Austria, which highlights Waterland's active role in the fitness market. These transactions underscore Waterland's commitment to investing in the fitness and health sector, making it a notable investor in this 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. It 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 several health and wellness companies, such as HealthKart, which raised $25 million to expand its omnichannel nutrition platform, and Twin Health, which focuses on technology and clinical services for diabetes management. Additionally, Sofina co-led an $80 million Series C funding round for Oviva, a health tech business aimed at scaling its operations. These transactions highlight Sofina's engagement in the health and wellness sector, aligning with the interests of fitness centers and gyms.


4. 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 invested in companies like Virtuagym, which raised $900,000 in a venture round in 2013, focusing on fitness management software, and Yogaia, which raised $3,000,000 in a seed round in 2015, offering online yoga classes. These transactions highlight their involvement in the fitness industry, particularly in digital platforms that enhance fitness experiences.


5. Graduate Entrepreneur Fund


Graduate Entrepreneur Fund is a venture capital firm based in the Netherlands, founded in 2021. The fund specializes in providing funding and support to early-stage startups founded by alumni of the universities of Delft and Rotterdam. They typically invest 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 fitness-related startup, which raised an undisclosed amount in a Pre-Seed round in February 2022. This investment highlights the fund's interest in the fitness industry. Additionally, they have participated in other transactions such as GetEase and Authic Labs, although these are not directly related to fitness. Overall, their engagement with Gymstory positions them as a relevant player in the fitness centers and gyms investment landscape.


6. Market One Capital

  • Website: moc.vc
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: m1c

Market One Capital is a venture capital firm based in Luxembourg, founded in 2017. The firm specializes in investing in innovative startups across various sectors, including FinTech, HealthTech, and AgriTech. They provide financial backing and strategic support to help these businesses grow and succeed in their respective markets. Notably, Market One Capital participated in the Series A financing of Eversports, a Vienna-based online sport booking service, which is relevant to the fitness industry as it facilitates bookings for fitness centers and gyms. Additionally, they have been involved in investments in Mindgram, a mental wellness app, which, while not directly related to fitness centers, does touch on the broader health and wellness theme. Overall, their investment strategy indicates a diverse portfolio, but their direct involvement in the fitness sector appears limited to Eversports.


7. 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 primarily to technology companies, offering revenue-based financing and equity investments to assist startups and scale-ups in securing necessary capital for growth. They leverage a network of investors to support their clients with strategic guidance and access to resources, focusing on fostering innovation within the tech sector. Notably, Capital Mills was involved in a venture round for Snap Fitness on September 30, 2015, where they raised an undisclosed amount. This investment highlights their engagement in the fitness centers and gyms industry, showcasing their potential interest in diversifying their portfolio beyond just technology.


8. 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 investment firm based in Brussels, Belgium, founded in 1995. The firm specializes in high-growth consumer brands across multiple 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 acquisition aims to accelerate growth and expand operations within the fitness sector. Additionally, they participated in a fundraising round for Cuure, a health-focused company, further showcasing their interest in health and wellness-related investments.


9. Asics Emea

  • Website: asics.com
  • Type: Corporate
  • Headquarters: Hoofddorp, North Holland, Netherlands
  • Founded year: 1949
  • Headcount: 1001-5000
  • LinkedIn: asics-emea

Asics Emea, a corporate investor based in Hoofddorp, North Holland, Netherlands, is a subsidiary of ASICS Corporation, a renowned sportswear manufacturer founded in 1949. The company specializes in high-quality athletic footwear, clothing, and accessories designed for athletes and fitness enthusiasts. Asics Emea has made strategic investments in the fitness technology space, notably acquiring Runkeeper, a Boston-based fitness app, for $85 million in February 2016. This acquisition allowed Asics to leverage Runkeeper's expertise in fitness tracking and user data, enhancing their marketing capabilities and digital technology development. Additionally, Asics has shown interest in the health and fitness sector by participating in seed funding for OME Health in June 2022, further solidifying their commitment to the fitness 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, Netherlands, founded in 2010. They specialize in early-stage investments primarily in the healthcare and technology sectors, supporting mission-driven entrepreneurs with funding and strategic guidance. Notably, Inkef has participated in funding rounds for Urban Sports Club, a prominent player in the fitness industry, contributing to their growth and expansion across Europe. Their involvement in Urban Sports Club, which raised significant amounts in both 2019 and 2021, highlights their interest in the fitness sector, despite their broader focus on healthcare and technology. This strategic approach to investment allows Inkef to create long-term value while diversifying their portfolio.


11. 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. 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 has made significant investments in the fitness and wellness space, including a Series A investment in Momentous, a human performance company, which raised $6.5 million to support new product launches and technology developments. This investment highlights dsm-firmenich's commitment to the fitness sector. Additionally, their involvement in companies like Rootine and Flore by Sun Genomics further emphasizes their focus on health and nutrition, which are integral to fitness and wellness.


12. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services. EIB aims to support sustainable projects across various sectors, promoting growth and job creation for both public and private organizations. Notably, EIB has been involved in financing initiatives within the fitness industry, such as a debt financing transaction with EGYM, which raised approximately $29.4 million in December 2017. Additionally, EIB participated in a recent debt financing round for Uspon in December 2024, further indicating its engagement in sectors that may include fitness and wellness. These transactions highlight EIB's role in supporting businesses that contribute to health and fitness, aligning with its broader mission of fostering sustainable development.


13. 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. One notable transaction in their portfolio is the investment in Virtuagym, a Dutch provider of cloud-based fitness software, which raised $2.3 million from Saffelberg Investments in October 2015. This funding was aimed at expanding Virtuagym's consumer and professional services in the health and fitness industry, highlighting Saffelberg's engagement in the fitness sector. The firm operates primarily in Europe and has a diverse portfolio of investments, indicating a broad interest in various industries, including fitness.


14. Endeit Capital


Endeit Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2006. The firm specializes in growth capital investments for European tech scale-ups, focusing on sectors such as AI, fintech, and climate tech. Endeit Capital provides strategic support and portfolio management to entrepreneurs, helping innovative companies grow through expertise and resources. One notable transaction in their portfolio is the investment in Virtuagym, a provider of fitness software and mobile applications, which raised €6 million in Series B funding in May 2018. This investment highlights Endeit Capital's engagement in the fitness industry, particularly in technology that enhances fitness services and operations.


15. Icecat

  • Website: icecat.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1999
  • Headcount: 201-500
  • LinkedIn: icecat-biz

Icecat is a corporate investor based in Amsterdam, Netherlands, founded in 1999. The company specializes in content syndication and product information management, primarily serving the e-commerce sector. Icecat provides structured and rich content solutions that enhance online product visibility and customer engagement. Notably, Icecat has invested in Virtuagym, an Amsterdam-based fitness tech provider, which raised €3M in funding from Icecat in April 2022. This funding is aimed at supporting Virtuagym's international growth and its comprehensive software solutions for club management, coaching, and engagement in the health and fitness industry. This transaction highlights Icecat's involvement in the fitness sector, particularly in technology that aids fitness centers and gyms.



Fitness Centers and Gyms Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
CvcLuxembourg1001-5000200516
Waterland Private EquityBussum, North Holland, Netherlands201-50019997
SofinaBrussels, Brussels, Belgium51-20018984
SanomaVenturesHoofddorp, North Holland, Netherlands1-1020110
Graduate Entrepreneur FundNetherlands11-5020219
Market One CapitalLuxembourg11-5020177
Capital MillsGorinchem, South Holland, Netherlands1-1020151
VerlinvestBrussels, Brussels, Belgium11-5019955
Asics EmeaHoofddorp, North Holland, Netherlands1001-500019490
InkefAmsterdam, North Holland, Netherlands11-5020104
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
European Investment Bank (EIB)Luxembourg1001-5000195899
Saffelberg InvestmentsGooik, Flanders, Belgium1-1020071
Endeit CapitalAmsterdam, North Holland, Netherlands11-5020061
IcecatAmsterdam, North Holland, Netherlands201-50019990


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