The Leeds-headquartered business grew total sales to £21.9m in the 12 months to July 2015, up from £12m in its previous financial year.
Xercise4Less currently operates 35 gyms and is continuing to expand its presence across the UK, having opened their first gym inside the M25 in August 2015, in Hounslow.
CEO Jon Wright, who founded the company in 2006, plans to accelerate the roll-out of the chain by opening a further 15 to 20 gyms across the country in the next year.
The company, which started out as a single unit in Castleford, West Yorkshire, now employs over 600 people.
Jon Wright, founder and CEO of Xercise4Less said: “Our focus on customer service and choice, and our investment in state of the art equipment has helped us to attract a large membership base and pursue organic growth plans.”
Funding from the BGF, which first invested in the business in 2013 when it only had nine gyms and revenues of around £6m, will support the company’s growth strategy.
The BGF have invested a further £7.6m, alongside funding provided in 2014, which will bring their total investment in the chain to £19.7m.
Richard Taylor, BGF, who sits on the board of Xercise4Less, added: “Xercise4Less is an example of how an ambitious company can disrupt an established model.
"Jon and his team have understood the market and the opportunity available to them and have used our growth capital to build a business of scale.”