21 Jun 2019
Gympass secures Softbank investment – company now 'valued at US$1bn'
BY Tom Walker
Corporate fitness sales specialist Gympass has secured additional financial backing believed to be around US$300m (€265m, £237m).
Led by Japan-based SoftBank Vision Fund and its SoftBank Latin America Fund, the funds will be used to further grow the business – including "major enhancements in product and technology" for a "more personalised user experience".
Gympass, which was founded in 2012, currently works with more than 2,000 corporations across 14 countries, providing staff with monthly fitness passes to a partnership network of 47,000 gyms and health clubs.
"We believe this partnership will enable us to bring our solution to more organisations around the world, revolutionising the way that employees engage in physical activity," said Cesar Carvalho, co-founder and CEO of Gympass.
Speaking to media, Carvalho said that, following the latest investment, the Brazil-based business – which is backed by the likes of General Atlantic, Atomico, and Valor Capital Group – will be valued at more than US$1bn (€885, £789m).
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