Subscribe to Entrepreneur for $5
Subscribe

Gympass Unicorn Reaches $ 2.2 Billion

The Brazilian platform raised $ 220 million in a financing round led by SoftBank.

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

The Brazilian university Gympass announced that it had raised 220 million dollars in a financing round led by the Japanese bank SoftBank , with which the startup reaches a valuation of 2.2 billion dollars.

Cortesía Gympass

According to Reuters reports, other investment groups that participated in the round were General Atlantic, Moore Strategic Ventures, Kaszek and Valor Capital Group.

The start-up allows companies to offer gym access to their employees through a network of more than 50,000 sports centers around the world.

In May, Gympass posted a record 4 million check-ins , the brand reported in a statement. Many Gympass customers have identified use as above pre-pandemic levels, highlighting the long-awaited return to in-person physical activity. Markets such as the United States and the United Kingdom lead, with unprecedented growth, in the demand for physical activity in person, with a similar trend reflected in Latin America and Europe. Gympass is currently experiencing double-digit monthly growth in the number of users.

"We have seen an increase in the number of visits to gyms and studios as countries begin to reopen, and we expect even greater progress as people begin to return to the offices," said Gympass Co-Founder and CEO Cesar Carvalho . “We have created the most complete wellness platform, covering fitness, therapy, mindfulness and nutrition. The new investment will help us further drive growth in the United States, enhance the product experience, and expand into new categories, continuing our mission to make wellness universal. ”

More than 1,000 startups joined Gympass during the pandemic to tailor their corporate wellness programs with holistic, flexible and equitable solutions and also the new hybrid work model. Some of the current clients include Santander, Accenture, Unilever, KPMG and McDonalds. In addition, Gympass also added new fitness partners in the United States, such as Barry's, SoulCycle, F45, and Strava, as well as global apps such as Calm, LifeSum and Fabulous, to its network to accelerate its rapid expansion to a complete and comprehensive wellness portfolio. .

This funding will help Gympass expand in the United States and move into new categories as people refocus on their well-being after the pandemic.