Fitness kit and software supplier eGym will receive up to €25m (US$30m, £22.2m) in financing to support its R&D and engineering.

The investment from the European Investment Bank (EIB) will also facilitate the expansion of eGym’s assembly and production facility.

eGym was founded seven years ago in Munich, Germany, but now operates across 13 European countries and the US.

It manufactures electric resistance machine circuits supported by software updates and utilises an open cloud platform to connect machines produced by third parties, in order to optimise fitness training and monitoring.

“eGym uses cutting-edge technology to create complete fitness ecosystems, which will help improve European citizens' access to the best available wellbeing and health equipment," said Ambroise Fayolle, vice-president of the EIB responsible for Germany.

"Supporting young and innovative businesses on their way into growth is one of the priorities of the EU bank because these companies create the employment for the future."

eGym chief executive Philipp Roesch-Schlanderer said: “From day one it's been eGym’s vision to make the gym work for everyone and provide users with the best training experience possible.

“Today, we see that prevention and improving personal levels of fitness are becoming more and more important for large audiences.”