Release date: 11 October 2024
Promoter – Financial Intermediary
URBAN SPORTS GMBHLocation
Description
Urban Sports Club (USC), a German Sportstech scale-up, has developed a digital platform that provides access to fitness studios, sports classes, wellness and health activities in an extensive network of partner facilities all in one membership. The project aims primarily to support the Company in stepping up their technology and product development capabilities, notably in Germany and Spain, where USC plans to set-up an important Tech hub.
Additionality and Impact
The operation is in line with the InvestEU objectives of research development and innovation, the eligible area as per Annex II of the InvestEU Regulation is:
1. The development, deployment and scaling-up of digital technologies and services, especially digital technologies and services, including media, online service platforms and secure digital communication, that contribute to the objectives of the Digital Europe Programme, in particular through:
(a) Artificial intelligence ;
(c) Cybersecurity ;
(f) Advanced digital skills;
(i) Other advanced digital technologies and services.
The funding of this project eases financial constraints for innovative and high-growth companies which arise from information asymmetries and of the market potential of their innovation.
The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.
Objectives
The project aims primarily to support the Company in stepping up their technology and product development capabilities, notably in Germany and Spain. A sizable investment effort (1/3) is expected to take place in Valencia, Spain, qualified as cohesion region, to support the set-up a local Technology Hub.
Sector(s)
- Services - Information and communication
Proposed EIB finance (Approximate amount)
EUR 40 million
Total cost (Approximate amount)
EUR 90 million
Environmental aspects
The project activities do not fall under Annexes I and II of the EIA Directive 2014/52/EU amending Directive 2011/92/EU, and are therefore not subject to mandatory Environmental Impact Assessment. The activities included in the scope are not expected to have any relevant environmental impact.
Procurement
The Promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions.
Status
Signed - 31/07/2024
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).