Bruce, the Swedish training app with the ambition to change the training industry and make it possible to train wherever you want, brings in capital to continue the growth journey and build the world’s best training membership. The investment comes from the Axel Johnson Group’s investment company D-Ax, which has a long-term ambition to contribute capital and knowledge to develop Bruce’s leading position in Sweden and accelerate growth in new markets.
Bruce was founded in 2015 by Magnus Elm and Anton Holmquist with the idea of gathering all studios, gyms and other facilities for training and sports in a membership. The vision is to give customers the freedom to practice where they want and to discover new forms of training and personal studios.
The company has seen strong growth lately. The last financial year landed at 10 million and right now the company has over 30 million annual turnover. Bruce has over 5,000 paying customers and is found in Stockholm and Gothenburg. The company has achieved this without external financing. In addition, the company reached break-even in early 2018.
D-Ax is the Axel Johnson Group’s arm for investments in early stages in fast-growing digital companies with great potential. Axel Johnson builds and develops companies with a long-term perspective and a willingness to change, and as an investor D-Ax wants to be a long-term owner partner for exceptional entrepreneurs who build the next-generation growth company.
“From the beginning, it has been very important for us to build the company with joy. We decided that this would be a marathon, not a sprint. That’s why we have been very cautious about taking in external investors with short-term plans. We have been very focused on creating an awesome product with the world’s best technology and at the same time creating a business model that can be scaled. Now is the time to take the company to the next level, so it feels great to bring in a partner like D-Ax and Axel Johnson and several other investors who share the same vision as us. With the new capital, we will grow the team from 14 employees to double and go into more cities in Sweden and eventually abroad. ”Says Magnus Elm, co-founder of Bruce.
Bruce holds a unique position in the market and their focus on user-friendliness and training experience is quite right in time and we see that it appeals to the consumer. They have a strong team, a good technology platform and a scalable digital business model which attracts us. Our ambition is to be the best possible owner partner for the company on the continued journey because we are long-term and have good knowledge of corporate construction and we know this industry very well. The investment in Bruce is fully in line with our long-term focus on investments in health and wellness, and we look forward to supporting the company on the continued exciting journey of growth. ”Says Joakim Skarborg, Chairman of D-Ax.
Bruce was founded in 2015 by Magnus Elm and Anton Holmquist who were tired of traditional gym chains and how they were treated, and they disliked the feeling of being locked in to one specific gym. They decided to build the world’s best training membership – where everything was found in an app. They chose to bootstrap the company to avoid investors with a focus on money, and instead put all the energy on understanding the market and build a great service for both members and studios. Today they have come a long way, and work with Sweden’s best training contractors.
Read more here or contact:
Bruce; Magnus Elm, Chairman and co-founder +46 70 788 02 26, firstname.lastname@example.org
D-Ax; Joakim Skarborg, Chairman D-Ax, +46 70 829 06 07, email@example.com