- Gympass, one of the largest corporate fitness platforms, announced that it has raised $300 million in funding at a valuation of more than $1 billion
Gympass, one of the largest corporate fitness platforms, announced that it has partnered with SoftBank Vision Fund and SoftBank Latin America Fund. Both of these funds are joining existing investors General Atlantic, Atomico, and Valor Capital Group to defeat inactivity. The amount of funding involved in this round is $300 million at a valuation of more than $1 billion, according to Bloomberg.
Currently, there are about 1.4 billion people worldwide who are inactive and global organizations recognize the critical role they play in getting employees more active. This is why organizations are looking into innovative ways to connect employees to gyms, studios, and other activities.
With a wellness solution powered by innovative technology, Gympass has grown across multiple markets in Latin America, North America, and Europe with a network of almost 47,000 gyms — which is the largest gym network globally.
Gympass has more than 2,000 clients that are providing unmatched variety, convenience, and flexibility to help improve employee engagement, individual performance, and business success.
“HR departments at Unilever, Tesco, and Activision Blizzard among others have taken significant strides to improve the wellbeing of their employees with Gympass. Our valued fitness partners are the foundation of our diverse, flexible, and convenient program,” said Gympass co-founder and CEO Cesar Carvalho. “We believe this partnership will enable us to bring our solution to more organizations around the world, revolutionizing the way that employees engage in physical activity.”
“Over 2,000 corporations worldwide are revolutionizing how inactive employees engage in physical activity to create a healthier, more engaged workforce. Gympass is making this possible by delivering a unique, universal wellness program that connects employees to thousands of fitness options,” added SoftBank Investment Advisers partner Murtaza Ahmed. “We are excited to be working with Cesar and his team to help organizations build a more active and productive workforce for tomorrow.”
The initial fund was completed by the Vision Fund. And the Latin America Fund will join the deal alongside the Vision Fund once the applicable authorizations and closing conditions have been met.
“More people are leading healthier lives thanks to Gympass, and we’re thrilled to work with Cesar and the team to accelerate their strategy in Latin America and beyond,” added SoftBank Latin America Fund CEO Marcelo Claure. “There are few companies as successful as Gympass in making the transition to a global champion, and we’re excited for what the future holds.”
SoftBank Latin America Fund investment partner Shu Nyatta told Bloomberg that Gympass has created “something very compelling” and knows how to execute it. Valor Capital partner Scott Sobel told Bloomberg that the company plans to continue supporting Gympass as it expands throughout the world. And Atomico partner and Gympass board member Hiro Tamura pointed out that the market opportunity remains huge and now it has the capital “to scale even further.”
This partnership is going to bring expanded benefits to corporations, employees, and fitness partners, including universal access for all employees across client corporations to engage in a physical activity program that drives employee engagement and improves individual performance. There have also been major enhancements in product and technology for a more personalized user experience — which makes it easy and motivational for employees to become active. Plus it will also bring accelerated growth of the fitness industry, resulting in new active users for fitness partners.
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