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SoftBank leads new funding round in Gympass, valuing startup at US$2.2 billion

SoftBank leads new funding round in Gympass, valuing startup at US$2.2 billion

FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato

REUTERS: Gympass, which makes gym memberships more accessible for corporate employees, has raised US$220 million in a funding round led by existing investor SoftBank, more than doubling the startup's valuation to US$2.2 billion.

Other investors participating in the round included General Atlantic, Moore Strategic Ventures, Kaszek and Valor Capital Group, the New York-headquartered company will announce later on Tuesday.

Founded in Brazil, Gympass allows companies to offer gym access to employees through a network of over 50,000 gyms and studios around the world.

The company, valued at more than US$1 billion in a 2019 funding round led by SoftBank Vision Fund and the SoftBank Latin America Fund, through its platform also offers therapy and sleep guidance services to its clients such as McDonald's, Accenture, KPMG and Santander.

Gympass is currently clocking double-digit subscriber growth month-over-month as companies seek programs for hybrid workplaces fueled by the pandemic, and its US fitness partners include Gold's Gym, Soulcycle, F45 and Crunch Fitness.

"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," said Cesar Carvalho, co-founder and chief executive officer of Gympass.

The funding will help Gympass expand in the United States and push into new categories as people re-focus on their well-being in the aftermath of the pandemic.

"Sleeping better, eating better, exercising, making sure your mental and emotional health is in the right place, all of it is going to be a much more part of our routine," Carvalho said.

Source: Reuters

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