Wednesday 12 June 2019 12:39 pm

Gympass secures $300m in Softbank-led funding round


Reporter covering media, telecoms and marketing. Get in touch at james.warrington@cityam.com

Reporter covering media, telecoms and marketing. Get in touch at james.warrington@cityam.com

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Gympass has raised more than $300m (£236m) in a funding round led by Japanese investment giant Softbank.

Read more: Softbank earns $11bn for selling some of its huge Alibaba stake

The corporate fitness platform, which offers flexible gym memberships, said it has secured the funding from Softbank’s Vision Fund and existing investors. Softbank’s Latin America Fund will join the deal once closing conditions have been met.

Gympass said the backing will enable it to expand its offering by partnering with more gyms.

The firm also said it will explore opening in new global markets and will look at developing AI to enhance its platform.

“We believe this partnership will enable us to bring our solution to more organisations around the world, revolutionizing the way that employees engage in physical activity,” said Gympass co-founder and chief executive Cesar Carvalho.

Gympass, which operates across 14 countries with nearly 47,000 gym and studio partners, works with corporations to create employee fitness programmes, and counts Unilever, Tesco and Aviva among its UK clients.

“Over 2,000 corporations worldwide are revolutionising how inactive employees engage in physical activity to create a healthier, more engaged workforce,” said Murtaza Ahmed, partner at Softbank Investment Advisers.

“Gympass is making this possible by delivering a unique, universal wellness program that connects employees to thousands of fitness options.”

Read more: Softbank struggles to raise cash for its second $100bn Vision Fund

Existing investors General Atlantic, Valor and Atomico, which is Gympass’s major backer in Europe, also took part in the fundraising round.

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