US-headquartered corporate wellbeing services provider Gympass raised $220m from investors including telecommunications and internet group SoftBank today at a $2.2bn valuation.
Growth equity firm General Atlantic, venture capital firm Kaszek and investment firms Moore Strategic Ventures and Valor Capital Group also participated in the round.
Founded in Brazil, Gympass operates wellness programmes on behalf of corporate clients, offering access to gyms, personal trainers, meditation classes and therapists, and said it has signed up more than 1,000 new corporate customers during the covid-19 pandemic.
The round more than doubled the $1bn-plus valuation at which the company last raised money, in a reported $300m round in mid-2019 led by SoftBank’s Vision Fund and backed by its Latin America Fund in addition to General Atlantic, Valor Capital and Atomico. Its earlier investors include Redpoint eVentures.
Shu Nyatta, managing partner at SoftBank, said: “It has been amazing to see Gympass go from strength to strength at a time when the operating environment has been so difficult. Gympass is the wellbeing solution for the hybrid workplaces we’re now seeing, providing employers with help both in and out of the office.
“The company’s growth over the past couple of years shows just how much potential Gympass has and I am thrilled to work with [co-founder and CEO Cesar Carvalho] and the team to accelerate their wellbeing strategy.”
