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SoftBank leads new round of funding at Gympass, valuing startup at $ 2.2 billion By Reuters

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

By Noor Zainab Hussain

(Reuters) – Gympass, which makes gym memberships more accessible to corporate employees, raised $ 220 million in a funding round led by existing investor SoftBank Group Corp, more than double the startup’s valuation a 2,200 million dollars.

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

Gympass, founded in Brazil, enables companies to offer their employees access to the gym through a network of more than 50,000 gyms and studios around the world.

The company, valued at more than $ 1 billion in a 2019 financing round led by SoftBank Vision Fund and SoftBank Latin America Fund, through its platform also offers sleep therapy and counseling services to its clients such as McDonald’s (NYSE :), Accenture (NYSE :), KPMG and Santander (MC :).

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

“We have already seen an increase in visits to gyms and studios as countries begin to open up, and we expect even greater momentum as people return to the office,” said Cesar Carvalho, co-founder and CEO of Gympass.

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

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

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