Gympass, the Brazilian startup, has raised $300 million from SoftBank’s Vision Fund and SoftBank’s Latin America fund. Both funds will join existing investors General Atlantic, Atomico, and Valor Capital Group.
Gympass partners with big companies to lure employees who don’t have gym memberships into doing workouts.
Gympass has a presence in Latin America, Europe, and the US, and will use the money to build out its technology and expand to Asia. Gympass has grown across multiple markets in Latin America, North America, and Europe with a network of nearly 47,000 gyms, the largest gym network globally.
“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,” says Cesar Carvalho, co-founder and CEO of Gympass, in a statement. “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,” says Murtaza Ahmed, partner of SoftBank Investment Advisers. “We are excited to be working with Cesar and his team to help organizations build a more active and productive workforce for tomorrow.”
“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,” says Marcelo Claure, CEO of SoftBank Latin America Fund. “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.”
The initial investment was completed by the Vision Fund. The Latin America Fund will join the deal alongside the Vision Fund once the applicable authorizations and closing conditions have been met.
- This partnership will bring expanded benefits to global 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, improves individual performance, and enables business success;
- Major enhancements in product and technology for a more personalized user experience, making it easy and motivational for employees to become active;
- Accelerated growth of the fitness industry, resulting in new active users for fitness partners globally.