Gympass Raises $85M, Hits $2.4B Valuation

Global corporate wellness platform Gympass raised $85M in new funding.

EQT Growth led the round, valuing the company at $2.4B.

The details: Billed as “the largest corporate well-being platform”, Gympass partners with employers to offer fitness and wellness benefits from the likes of Headspace, Orangetheory Fitness, and MyFitnessPal, among many others.

Founded in São Paulo, Brazil in 2012, the company has since expanded to 11 international markets, including Mexico, Chile, Argentina, the US, Germany, Spain, Italy, Ireland, and the UK.

Growth mode. Reaching new milestones ahead of its latest investment, Gympass is riding strong growth.

• The company now supports 15K corporate clients after an 80% YoY increase.
• It surpassed 2M employee subscribers and 300M all-time check-ins on the platform in July.
• Its platform boasts 50K partners across fitness, therapy, mindfulness, sleep, and nutrition.

Accelerating global expansion, Gympass aims to strengthen its position as a leader in corporate wellness.

Red flags. Made worse during the pandemic, employee well-being continues to suffer, with burnout, anxiety, and stress leading to a collective decline in mental health. At the same time, the healthcare burden continues to rise.

Stepping in, digital health and wellness platforms have targeted the B2B sector, which has proven to be a lucrative sales channel. But, while clients line up to offer holistic benefits, employee health isn’t improving.

Punchline: Employers have an outsized role to play in supporting the physical and mental health of employees. Now, Gympass and other corporate wellness startups have to prove their turnkey solutions move the needle.