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Les Mills International
FIT TECH News

Gympass secures US$220m funding round – says company now valued at US$2.2bn

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Gympass has secured US$220m worth of investment as part of a funding round that, according to the company, values the corporate fitness platform at US$2.2bn.

The funding was provided by Softbank, General Atlantic, Moore Strategic Ventures, Kaszek and Valor Capital Group.

The investment follows Gympass seeing an all-time high volume in key metrics.

In May, Gympass saw a record 4 million monthly visits across its network of more than 50,000 global partners.

According to Cesar Carvalho, co-founder and CEO of Gympass, many of the company's clients are experiencing usage above pre-pandemic levels, with markets such as the US and the UK leading the way with "unprecedented growth in the demand for in-person fitness".

"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,” Carvalho said.

“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."

Carvalho credits the company's performance on its expansion beyond in-person fitness.

Since March 2020 – and the start of the COVID-19 pandemic – Gympass has seen 3.5 million sessions with its digital partners.

“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," Carvalho said.

"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,”

Earlier this month, Gympass announced that UK consumers can now get PT sessions on the platform, following a successful launch of the PT service earlier this year in Brazil and the USA.

The Gympass business model is based on the company partnering with employers, who then pay a flat fee for employees to access the platform, allowing them to choose fitness and wellness plans – including access to in-person gyms and studios, as well as apps.

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Gympass secures US$220m funding round – says company now valued at US$2.2bn

By

Gympass has secured US$220m worth of investment as part of a funding round that, according to the company, values the corporate fitness platform at US$2.2bn.

The funding was provided by Softbank, General Atlantic, Moore Strategic Ventures, Kaszek and Valor Capital Group.

The investment follows Gympass seeing an all-time high volume in key metrics.

In May, Gympass saw a record 4 million monthly visits across its network of more than 50,000 global partners.

According to Cesar Carvalho, co-founder and CEO of Gympass, many of the company's clients are experiencing usage above pre-pandemic levels, with markets such as the US and the UK leading the way with "unprecedented growth in the demand for in-person fitness".

"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,” Carvalho said.

“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."

Carvalho credits the company's performance on its expansion beyond in-person fitness.

Since March 2020 – and the start of the COVID-19 pandemic – Gympass has seen 3.5 million sessions with its digital partners.

“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," Carvalho said.

"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,”

Earlier this month, Gympass announced that UK consumers can now get PT sessions on the platform, following a successful launch of the PT service earlier this year in Brazil and the USA.

The Gympass business model is based on the company partnering with employers, who then pay a flat fee for employees to access the platform, allowing them to choose fitness and wellness plans – including access to in-person gyms and studios, as well as apps.

Sign up here to get Fit Tech's weekly ezine and every issue of Fit Tech magazine free on digital.
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The Gym Group has extended its partnership with digital fitness platform Fiit, becoming the first budget gym operator to offer ...
Digital fitness platform Fiit has launched an interactive fitness app for the UK market, which is capable of creating a ...
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Les Mills International
Les Mills International