GymT, which operates the private training studio brand TLab, announced on the 23rd that it had raised about ₩4 billion in a Series A funding round.
The round included Yellowdog, Terra Ark, Union Investment Partners, and HGI-Simone Asset Management, bringing GymT’s total funding to about ₩6 billion. GymT was selected for the Ministry of SMEs and Startups’ TIPS program in 2018.
GymT operates TLab, a personal training and Pilates studio brand that delivers customized training efficiently in spaces of about 33 square meters. It also offers a proprietary service for online payments and bookings, as well as tracking workouts and training logs. Since opening its first studio in Pangyo in February 2018, GymT has opened and now operates 24 studios in the Seoul metropolitan area, serving more than 1,500 customers. It has earned strong reviews for providing reliable, structured services at locations including FastFive, South Korea’s largest shared-office provider, as well as financial and IT companies.
Cha Ji-eun, a partner at Yellowdog, which led the investment, explained the rationale: “GymT has moved beyond an industry practice of aggressively acquiring customers to recoup high upfront investment costs and rent, instead building a system that lets trainers focus on exercise plans tailored to each customer.” She added that “GymT is setting a new direction for the fitness industry by continually considering how to make exercise accessible to customers across a broad range of ages and improving trainers’ working conditions so they can focus on the quality of the service.”
GymT CEO Park Kyung-hoon said, “With this investment, we will focus on expanding our locations and developing our own training programs.” He added, “We will accelerate our offline expansion through B2B partnerships and locations that support employee benefits, while strengthening our digital healthcare business so we can thoroughly analyze customers’ physical abilities and data and prescribe exercise based on medical and scientific principles.”
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