On 1 August 2022, Funxtion raised EUR 5.8 million in equity capital from Lexar Partners and current shareholders, with advisory from Beekers Capital, a young corporate finance boutique providing capital raising and M&A advisory services for Benelux companies and investors.
The B2B SaaS smart digital fitness content platform company will use the investment to accelerate the innovation of its platform and fuel rapid international expansion.
“We believe that a hyper-personalised, omnichannel member experience is the future of fitness. With this funding we will invest in the intelligence of our platform by leveraging the power of data science, machine learning and AI, enabling our clients to provide personalised digital fitness experiences at scale,” says Ernst de Neef, Co-Founder and CEO at Funxtion.
“Funxtion’s platform is already being used by fitness operators in 27 countries around the world, but we believe that we could be supporting many more. With this funding, we will solidify our presence in our current markets and invest heavily in sales and marketing to move into new territories, like the United States,” adds Ernst.
Funxtion is excited to be backed by Lexar Partners, the growth equity investment firm focused on the digital world of tomorrow and enthused about the technological market opportunities in the fitness industry.
“Funxtion are leaders in the digital transformation of the fitness industry worldwide, and the founders’ product and vision support our passion for investing in businesses that use innovation to help people live healthier lives,” says Sander van Woerden, Founding Partner at Lexar Partners.
“We are pleased to support Funxtion in its plans to accelerate the innovation of its platform and grow 10x in the next few years,” adds Sander.
About Funxtion
Funxtion is an Amsterdam-based B2B SaaS digital fitness content platform company that empowers fitness operators around the world to provide their members with personalised digital fitness experiences at scale.
The company, founded by fitness industry experts Ernst de Neef and Mendel Witzenhausen, currently supports fitness operators in more than 27 countries with its intelligent content platform and digital delivery solutions. The Funxtion platform houses an ever-expanding library of premium and white labelled digital fitness content in the form of virtual classes, workouts, and training plans, and it comes with built-in customisation tools and delivery device integration software. The Funxtion platform is an open ecosystem that can be integrated with membership management and other digital fitness applications enabling operators to distribute content from multiple providers through their choice of delivery channels.
About Lexar Partners
Lexar Partners is an investment company based in Laren, the Netherlands that provides growth capital to leading innovative software, technology and e-commerce businesses that have a focus on improving people’s lives. Lexar Partners was formed in 2022 by Max van de Blaak and Sander van Woerden, who each have over 15 years of experience in entrepreneurship and the investment industry. Prior to their recent collaboration, the founding partners have been involved in over 30 investments and 60 add-ons, including multiple companies with over EUR 100M in revenues. Since its inception, Lexar Partners have accumulated three businesses in its investment portfolio that are involved in the digital transformation of mental healthcare, education, and fitness industries.
