Gympass Gets $220 Million in Funding

Gympass, a corporate well-being platform, received $220 million in funding from Softbank, General Atlantic, Moore Strategic Ventures, Kaszek and Valor Capital Group, the company announced.

The company will use the funding to expand in the United States, improve the product experience and expand into new categories, Cesar Carvalho, co-founder and CEO of Gympass, said in the media release.

The company is now valued at $2.2 billion.

In June 2019, Gympass raised $300 million in new funding through SoftBank Group Corp. At that time, the company was valued at $1 billion, according to Reuters.

Using Gympass, companies can offer their employees gym access to a network of more than 50,000 gyms around the world.

In May, Gympass saw a record 4 million monthly visits across its network. Many of Gympass’ clients experienced usage above pre-COVID-19 levels. Those numbers reflect that people are eager to return to in-person fitness, according to Gympass. Markets such as the United States and the United Kingdom are leading the way with unprecedented growth in the demand for in-person fitness, with a similar trend reflected across Latin America and Europe. Gympass is currently experiencing double-digit subscriber growth month-over-month.

Gympass has added more than 1,000 new clients during the pandemic, as corporate wellness programs look for holistic, flexible and equitable solutions for hybrid workplaces, according to the announcement. Current clients include Santander, Accenture, Unilever, KPMG and McDonalds. Additionally, Gympass signed new deals with partners in the United States, including Barry’s, SoulCycle, F45 and Strava for fitness, and Calm, LifeSum and Fabulous and more to fuel its expansion into holistic well-being.

"We’ve already seen a surge in gym and studio visits as countries begin to open up, and we fully expect even greater momentum as people head back to the office,” Carvalho said. “We’ve created the most complete well-being platform, covering fitness, therapy, mindfulness and nutrition.”

Since March 2020, Gympass has seen 3.5 million sessions with its digital partners. As in-person activities return, Gympass’ digital solutions have maintained steady levels of engagement.

“Similar to the hybrid work model that many have adapted due to the pandemic, we’re seeing a similar trend when it comes to fitness and wellbeing,” Carvalho said. “Now, people are mixing in-person visits to gyms and boutique studios with digital, using meditation apps, nutrition offerings, in addition to other wellness offerings on the Gympass platform. We’ve seen firsthand that this is a change that will continue into the future, and we look forward to expanding our reach and services to continue to support people’s overall well-being.”