Brazil-based fitness membership service Gympass yesterday secured a reported $300m in a funding round led by SoftBank Vision Fund, the $98.6bn investment vehicle managed by telecommunications conglomerate SoftBank.
SoftBank’s $5bn Latin America Fund also participated, as did growth equity firm General Atlantic, investment group Valor and venture capital firm Atomico.
Gympass did not confirm the size of the round, with the $300m figure first reported by Bloomberg along with a valuation of more than $1bn. News of the funding was first reported in January 2019, when financial daily Valor Econômico suggested the deal could be sized between $190m and $500m.
Founded in 2012, Gympass operates a corporate fitness platform that enables employers to offer gym membership as a benefit to their staff. It has partnered fitness providers in 566 cities across the Americas and Europe, covering almost 47,000 gyms.
The funding will allow the company to further improve its offering and technology. It intends to expand into Asia and will also boost its presence in existing markets, CEO Cesar Carvalho told Handelsblatt.
Marcelo Claure, chief executive of SoftBank Latin America Fund, said: “More people are leading healthier lives thanks to Gympass, and we are thrilled to work with Cesar and the team to accelerate their strategy in Latin America and beyond.
“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.”
General Atlantic, Valor and Atomico were identified by Gympass as existing shareholders, though details about the company’s previous funding could not be confirmed.
