The largest corporate wellbeing platform Gympass has announced that Softbank, General Atlantic, Moore Strategic Ventures, Kaszek and Valor Capital Group, are supporting the company with a new investment round of $220M in its mission to make wellbeing universal.
As people flock back to the gym, Gympass has seen its valuation more than double to $2.2B, reflecting the increased importance of wellbeing for companies. However, in the month of May, Gympass saw a record 4 million monthly visits across its unrivalled network of over 50,000 global partners. Having usage above pre-covid levels and also highlighting an eager return to in-person fitness, markets such as the US and the UK are leading the way with unprecedented growth in the demand for in-person fitness, with a similar trend reflected across Latin America and Europe. Gympass is currently experiencing double-digit subscriber growth month-over-month.
According to the official release by the company, Cesar Carvalho, co-founder and CEO of Gympass said, “We’ve already seen a surge in gym and studio visits as countries begin to open up, and we fully expect even greater momentum as people head back to the office. We’ve created the most complete wellbeing platform, covering fitness, therapy, mindfulness, and nutrition. The additional funding will help us fuel further growth in the US, improve the product experience and continue to expand into new categories, as we continue on our mission to make wellbeing universal.”
During the pandemic, Gympass has added over 1,000 new clients as corporate wellness programs look for holistic, flexible and equitable solutions for hybrid workplaces. Current clients include Santander, Accenture, Unilever, KPMG, and McDonald’s. Additionally, Gympass signed new deals with major partners in the US including Barry’s, SoulCycle, F45, and Strava for fitness, and Calm, LifeSum, and Fabulous and more to fuel its rapid expansion into holistic wellbeing.
“Similar to the hybrid work model that many have adapted due to the pandemic, we’re seeing a similar trend when it comes to fitness and wellbeing. Now, people are mixing in-person visits to gyms and boutique studios with digital, using meditation apps, nutrition offerings, in addition to other wellness offerings on the Gympass platform. We’ve seen firsthand that this is a change that will continue into the future and we look forward to expanding our reach and services to continue to support people’s overall wellbeing,” Cesar Carvalho added.
Gympass’ expansion beyond in-person fitness has already proven to be a success. Since March 2020, Gympass has seen 3.5 million sessions with its digital partners. As in-person activities return, Gympass’ digital solutions have maintained steady levels of engagement, reinforcing that the future of corporate wellbeing is hybrid.
Shu Nyatta, from Softbank, said, “Its 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’m thrilled to work with Cesar and the team to accelerate their wellbeing strategy.”
Gympass is a complete corporate wellbeing platform that ignites and fuels every journey to feel good. We do this by reinventing wellbeing, making it universal, engaging and accessible. Worldwide companies rely on Gympass’ unmatched variety, convenience, and flexibility to support their employees’ health and happiness. With over 50,000 fitness partners, 1,300 on-demand classes, 2,000 hours of meditation, weekly 1:1 therapy sessions, and hundreds of personal trainers, Gympass supports every wellbeing journey. We partner with best-in-class wellbeing providers in multiple markets across North America, Latin America, and Europe.
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