Novax has been a co-owner of the Swedish fitness app BRUCE since 2019, with the ambition to provide a wide range of training opportunities in one membership. As a natural part of Novax's investment cycle, they are now becoming the majority owner of the company and providing resources for continued expansion. Through its commitment, Novax aims to further promote physical activity and enhance public health in collaboration with fitness facilities across the Nordic region.
Novax made its first investment in Bruce in 2019 and has since gradually increased its ownership in the company through participation in new share issues and the purchase of existing shares. Novax has a pronounced sector focus on preventive health, with the overarching goal of improving public health. The investment in Bruce aligns perfectly with this vision.
"Physical activity is a key component for better physical and mental health, and through our market studies, we are well aware of the importance of accessibility and simplicity for the consumer. Bruce holds a unique position in the market as an aggregator, and their focus on user-friendliness and training experience appeals to consumers. BRUCE also has a strong team, a good technology platform, and a sustainable business model that provides value to customers as well as distribution power for the fitness facilities it collaborates with," says Josef Bexell, Sector Manager for Preventive Health at Novax.
Bruce continues according to the strategy previously set with a focus on increased presence in major cities in Sweden, Norway, and Denmark. After the pandemic, the membership base has grown steadily, and new markets have been established, including Malmö through the acquisition of Swiftr, as well as Copenhagen. The change in ownership makes Novax the majority owner, but the founders, staff, and other investors retain a significant ownership stake in the company.
"We see Novax's increased commitment to BRUCE as a natural step in our investment in the company and in preventive health, alongside other companies such as STC and Onelab. Bruce CEO Peter Andersson has accelerated the development of the company in collaboration with founder Magnus Elm, who remains involved," says Josef Bexell.
About Bruce:
Bruce was founded in 2015 by Magnus Elm and Anton Holmquist, who disliked the feeling of being tied to a gym. They decided to build the world's best fitness membership; access to a variety of training concepts through one solution - a user-friendly app. The Bruce team has invested significant resources in understanding the market in order to build a truly great service for both members and studios. Today, Bruce has a growing presence in major cities in Sweden, Norway, and Denmark.
