Gympass announced it had raised $85 million in a Series F funding round at a valuation of $2.4 billion, led by EQT Growth, with participation from Neuberger Berman.
In addition to the Series F funding, General Atlantic and Moore Strategic Ventures have also doubled down on investing in Gympass by purchasing existing shares from earlier investors and current and former employees.
Gympass said the funding comes in a record year for the company as the platform grew its customer base “by 80 percent to more than 15,000 corporate customers and surpassed two million employee subscribers across its network of more than 50,000 partners.” Gympass also reported that the company “surpassed two million employee subscribers in July and 300 million total member check-ins to its network of more than 50,000 partners.”
Gympass also noted that it formed new partnerships with several wellness organizations, including 24 Hour Fitness, Barry’s Bootcamp, CorePower Yoga, Headspace, Lifetime, MyFitnessPal, Orangetheory Fitness, Sleep Cycle, and Thrive Global.
Gympass will use the funding to continue global expansion and product innovation and invest in its platform to enhance the user experience for employers and employees.
“Gympass is revolutionizing corporate wellness at a time where every company is making investments to drive efficient growth and reduce spending,” said Cesar Carvalho, CEO and co-founder of Gympass. “Organizations are shifting from reactive and traditional healthcare benefits that increase costs to more holistic and preventative wellness benefits that reduce costs and improve employee wellbeing and productivity. Our accelerated growth and new round of funding reflect validation of our model, that Gympass is uniquely positioned in any economic environment as companies seek innovative partners to reduce healthcare costs and improve employee wellbeing.”
“For years, we have watched the Gympass team exceed expectations again and again. Their powerful recurring model, which now reaches 11 markets globally, sees clear and strong network effects the more it scales,” said Carolina Brochado, deputy head of the EQT Growth Advisory team. “It enables Gympass to deliver a diverse and growing network of partners, thereby reaching employees who might not have previously had access to wellness activities and, as a result, further expanding the market. We are really excited to be helping this stellar management team continue to build a healthier, happier, and more productive corporate world.”
