Tuesday, June 25, 2024

Amsterdam’s Gymstory receives €234K in convertible loan for development of its tracking tech for gyms | Silicon Canals

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Amsterdam-based Gymstory, a company that develops a digital fitness platform that motivates users to exercise more in gyms and keep track of their gymming activities, announced on Monday that it has received a convertible loan of €234K to develop a platform for tracking fitness activities in the gym.

The loan came from the Innovation Fund Noord-Holland. 

The company says the proceeds from this round can help test their Proof-of-Concept technology during a pilot in the first gyms. The project is co-financed by Jordy Kool’s Iron Asset Management and Graduate Entrepreneur Fund.

The Innovation Fund Noord-Holland is an initiative of the Province of Noord-Holland, the University of Amsterdam, the Amsterdam University of Applied Sciences, Amsterdam UMC, and Sanquin, with support from the European Union through the European Regional Development Fund. 

In response to the Coronavirus pandemic, EU heads of government decided to establish an “EU Next Generation” recovery programme. Part of this is the REACT EU programme, through which the EU stimulates a green, digital and resilient recovery of the regional economy.

The Innovation Fund has also received capital from the REACT EU fund. The Fund supports entrepreneurs in the Province of Noord-Holland with the financing of innovation in the Proof-of-Concept phase. The Fund provides convertible loans. The duration of the first part of the fund is 2018 to 2023.

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Speaking on the development, Wouter Keij, director of Innovation Fund Noord-Holland, says, “Gymstory’s solution contributes to a healthier society by keeping more people motivated to exercise. Through better tracking of activity and progression in the gym, the next step in this area can be taken.”

“Lift your gym results”

Founded in 2018 by Mathieu Wernsen, Lars van der Wal and Michael Fahim, Gymstory has developed a digital fitness platform for gyms that activates their visitors to exercise more. The team works together with the Vrije Universiteit, a public research university in Amsterdam, for the development of its platform for tracking fitness activities.

According to the company, the number of cancellations in gyms is very high, partly due to the difficulty of keeping track of progress in the gym. Gymstory is developing a tracking sensor that makes it easy to digitise fitness equipment, after which every user can connect to it with the Gymstory app on their smartphone and receive live training feedback. This helps in monitoring the progress of both individual athletes and personal trainers, ultimately leading to improved fitness results and more motivation.

Gymstory can also use the software solution to better stimulate individuals to keep moving, in order to contribute to a healthier society. In addition, the platform serves as a community for athletes in the gym, a tool for personal trainers and gym owners.

Lars van der Wal says, “We are very happy with the Innovation Fund Noord-Holland, it is another confirmation of our fitness platform and we welcome a strong organisation that will help us grow.”

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