25 Jul 2022
Posted
in Leisure
Gympass started in Brazil in 2012, with a mission to make wellbeing universal and provide its services to “everyone on the planet”. It does not own any exercise facilities but provides access to thousands of gyms and fitness centers via a single membership on its app. It is available as a workplace benefit through signed-up employers. Gympass’ customer base currently includes international giants such as Unilever, Rolls Royce, KPMG, McDonald’s, Google, Morgan Stanley and Tesco, to name a few.
Gympass quickly scaled a three-sided marketplace of gyms, corporations, and employees in a highly-fragmented market of Brazilian gyms. It gained a unicorn status in 2019 reaching a valuation of over $1bn. It has a network of about 50,000 global partners. It is now fully operational in LATAM, Europe, and in the United States and has ambitious plans of exporting its Brazil-native model to every single country in the world.
The company reinvented itself as Covid struck. By switching to offer online classes and adding third-party apps in fields such as meditation, nutrition and therapy on to its platform, Gympass not only survived the global health crisis but emerged in stronger shape. Its in-person and virtual user “check-ins” increased compared to pre-pandemic levels, while revenues doubled over the 2021.
In June 2021, big investors again showed the company a vote of confidence. Its series E funding round raised $220m, doubling the company’s valuation to $2.2bn. Its investors include SoftBank, General Atlantic, Moore Strategic Ventures, Kaszek Ventures and Valor Capital Group.