Gympass bags $220 million in a funding round led by SoftBank Group

Source: Latin America Business Stories

Gympass is a Brazil-based fitness discovery platform that connects the world’s network of fitness facilities to companies and its employees so that they can lead a healthy and mindful life. Recently, Gympass has raised funds worth USD 220 million in its latest Series E financing round led by existing investor SoftBank Group Corp.

The post-money valuation of the start-up amounts to USD 2.2 billion which is almost double than what it was before the funding.

Founded back in the year 2012 by Cesar Carvalho and Joao Barbosa, Gympass is on a mission to defeat inactivity in the world. The start-up helps companies to revolutionize how their employees indulge in fitness. Studies have shown that exercising daily can help you lose mental stress and enhanced productivity in the brain along with several other health and mental benefits, traits that are healthy for the employee and for the company in the long run.

The healthier the employee, the more productivity he brings in his work in the organization. Gympass says that being physically involved in an activity drives long-lasting behavioral change. The start-up offers unmatched flexibility and convenience to corporate employees, helping them improve employee management and individual performance which in turn results in overall business success, as mentioned in the company profile on Crunchbase.

Coming back to the SoftBank-led funding round, existing investors including Moore Strategic Ventures, General Atlantic, Valor Capital Group, and Kaszek were also seen participating in Gympass’ Series E financing round.

As mentioned in a report by Reuters, the Brazil-based start-up offers gym access and facilities to corporate company employees through a network of over 50,000 gyms and studious from all around the world.

Furthermore, the COVID-19 pandemic has been hard on all of our physical and mental health, making Gympass an essential tool to rejuvenate the lost passion of fitness among employees. Reports suggest that the gym membership start-up is clocking at double digits in terms of subscriber growth on a month-over-month basis which is evidence of this fact.

Reuters reports that Gold Gym, Crunch Fitness, Soulcycle, and F45 are the company’s U.S. fitness partners and with this latest funding, Gympass aims to expand its network in the United States and push people into more healthier categories of fitness that focus on their well-being at the end of a global pandemic.

Cesar Carvalho, founder of Gympass says that the company is already seeing a surge in gym and studio visits as several countries have begun to open up after the COVOD-induced lockdowns and Gympass fully expects an even greater momentum as people head back to the office.