Fitness brand looks to reach upper echelons after Goldman Sachs backing

Echelon Fitness, the connected home fitness brand that offers products linked via app, has completed a $65m (£47.5m) financing led by Goldman Sachs Growth, with participation from existing investor North Castle Partners.

Piper Sandler acted as exclusive financial advisor to Echelon Fitness, overseeing the deal.

The capital will help Echelon expand its market share and range of products.

Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Growth is the dedicated growth equity team within Goldman Sachs, with over $8bn of assets under management.

MagicMed looks to levitate business with big investment round

MagicMed Industries, a company that partners with pharmaceutical companies to develop and commercialise psychedelic-derived treatments, has announced the closing of its extended funding round with an $8.1m (£5.9m) investment. The round was lengthened both in scope and scale from its initial aim of $2.5m (£1.8m) due to significant investor interest.

A key investor was the Conscious Fund, a global early-stage venture fund investing in psychedelic medicine companies.

MagicMed intends to use this new financial backing for capital expenditures, general corporate purposes and the further development of the MagicMed Psybrary.

Sage spice up cloud-based products with partnership

Sage, a cloud business management solutions provider, has announced a partnership with Brightpearl, a digital operations platform targeted at retailers across the globe.

Under the partnership, Sage will make a minority investment of approximately £17m into the business and take a seat on Brightpearl’s board.

The partnership with Brightpearl is consistent with Sage’s broader strategy to invest in complementary high growth cloud-based software applications.

Further reading

Deals of the Week, December 18 to 25 – Growth Business roundup