Gympass, a corporate well-being platform, raised $220M in Series E funding.
SoftBank, an existing investor, led the round. General Atlantic, Moore Strategic Ventures, Kaszek, and Valor Capital Group also participated.
Of note, this capital infusion values the company at $2.2B, doubling the startup’s previous valuation.
The details: Billed as “the largest corporate well-being platform”, Gympass partners with employers to offer fitness and wellness benefits.
In 2012, former McKinsey & Company consultant Cesar Carvalho started the company in São Paulo, Brazil. In the years since, Gympass has expanded internationally, operating in Brazil, Mexico, Chile, Argentina, the US, Germany, Spain, Italy, Ireland, and the UK.
Today, the company has amassed a network of 50K global partners across fitness, therapy, mindfulness, sleep, and nutrition.
By the numbers
- Gympass added 1,000 new clients during the pandemic
- Users recorded 4M check-ins on the platform in May 2021
- The company is seeing double-digit subscriber growth MoM
The big picture: As we detailed in Issue No. 120: Corporate Wellness in a WFH World, workplace wellness programs have become a staple of corporate America.
But during the pandemic, employee well-being became a hot button issue and top priority.
- The US employee wellness industry was worth $8B in 2019.
- Globally, this number is expected to top $94B by 2026.
- According to the NYT, in 2020, the average budget for well-being programs jumped up nearly 40% from 2019, reaching $4.9M.
Punchline: At a time when both the workplace and wellness are being redefined, we’re left wondering: what does employee well-being look like in a work-from-home world?
Flush with cash, Gympass has its sights set on answering that question.