At a Glance
Gympass, the $2.2 billion corporate health unicorn, has received $220 million in a Series E investment. Gympass exclusively works with companies who pay a one-time charge for a platform (app) that lets their employees pick from a choice of wellness programs.
Gympass, the corporate wellness unicorn, raises $220M in a Series E at a valuation of $2.2B. Participants in the round include SoftBank, General Atlantic, Moore Strategic Ventures, Kaszek Ventures, and Valor.
The funds will be used to expand the company’s operations in the United States, increase its product offerings, and focus on making technology smarter.
Gympass only works with businesses, who pay a one-time fee for the platform (an app) that allows their employees to choose from a variety of wellness plans that include access to a variety of in-person gyms and studios, as well as a directory of health apps like Calm. Physical health, mental health, nutrition, and sleep are the four categories in which the offers are divided.
Cesar Carvalho, a former McKinsey & Company consultant in Brazil who was frequently on the road and wished for a corporate wellness solution that would fit into his demanding work schedule, created GymPass.
“Some days I worked from home, other days I worked from the office, and then there was the time I was traveling. I could never go to the gym in one place. I realized that my needs were the same as others.”Mr. Carvalho told TechCrunch
He added, “I’m one of those crazy entrepreneurs that drop out of their MBA to start a company, but looking back now, it worked out okay.”
Gympass began as a BTC concept, with one of the first clients being a PricewaterhouseCoopers executive in Brazil. Upon the executive’s suggestion, Mr. Carvalho saw the need to pivot and establish a B2B business.
Since its inception in 2012 in So Paulo, the firm has swiftly established product-market fit, and its development and expansion have mostly been organic. Gympass is currently available in Brazil, Mexico, Chile, Argentina, the United States, Germany, Spain, Italy, Ireland, and the United Kingdom.
“We want [the app] to be able to recommend the best partners for your complete well-being journey based on your workout patterns, for example: ‘This is the best meditation app for you to use with your workout profile.”Mr. Carvalho added