Gympass, a digital corporate wellbeing platform, announced a $220 million investment (at $2.2 billion valuation) from Softbank, General Atlantic, Moore Strategic Ventures, Kaszek, and Valor Capital Group.
Gympass partners with wellbeing providers across North America, Latin America, and Europe. 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.
Gympass says it has added over 1,000 new clients during the pandemic. Current clients include Santander, Accenture, Unilever, KPMG, and McDonald’s. Additionally, Gympass has signed new deals with major partners in the US, including Barry’s, SoulCycle, F45, and Strava for fitness, Calm, LifeSum, and Fabulous, and more to fuel its expansion into wellbeing.
“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,” said Cesar Carvalho, Co-founder, and CEO of Gympass. “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.”
Gympass is also expanding beyond in-person fitness. Since March 2020, 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. 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,” said Carvalho.
Digital personal health and wellness companies secured $585 million in Q1 2021 compared to $363 million in Q4 2020, a 61% increase quarter-over-quarter. BetterUp, a digital employee wellness coaching platform, raised $125 million in a Series D funding round, bringing the company’s valuation to $1.73 billion.