Global fitness equipment maker Technogym has received a €111 million ($120 million) investment from NEOM Investment Fund (NIF), a firm based in Saudi Arabia that invests in tech-focused brands. NIF now holds 6% of Italy–based Technogym’s share capital and 4.5% of the voting rights.

As part of the transaction, NIF purchased approximately 8.8 million shares of Technogym and entered into a derivative solution to purchase approximately 3.3 million shares.

In a statement announcing the transaction’s conclusion, NIF noted that the investment reflects its vision of a new model for sustainable and healthy living and is committed to being a long-term minority investor in Technogym.

NIF also commented that it believes in the value creation potential of Technogym, recognizing the smart fitness equipment and digital tech provider’s history of ongoing growth, leading global market position, and commitment to innovation in the fitness and health space.

J.P. Morgan served as bookrunner for the transaction, with Rothschild & Co. as NIF’s financial advisor.

NIF’s stake in Technogym follows its recent investments Pony.ai, Regent, Boom Technology, BlueNalu and Animoca Brands, as the firm looks for visionary companies that use cutting-edge technology.

Health, well-being and biotech are listed as one of the 14 verticals NIF aims to invest in to build what it says will become a new economic model for the world, aligning with the mission of Technogym’s founder and CEO, Nerio Alessandri.

The author of “Be Wellness: Choose to Live Well,” Alessandri has been an advocate for improving health and quality of life through Technogym’s wellness ecosystem of personalized training programs, exercise plans and “Technogym is Medicine” model.

The digital tech fitness maker has seen significant growth in its B2B segment this year and is leaning into sport as a major component of its business strategy, with Technogym serving as the exclusive and official supplier of the Paris 2024 Olympics, providing smart equipment and services for over 15,000 athletes.

Technogym recently unveiled its Technogym Skillup, an upper-body ergometer developed for performance training with multi-drive technology offering cardiovascular and strength conditioning via a double resistance system. As a new addition to Technogym’s ecosystem, the Skillup will serve athletes at the Paris 2024 Olympics.