BUSINESS IS BOOMING for Gympass, strengthening its position as the top global corporate wellness platform, raising $85 million in Series F funding at a $2.4 billion valuation.
If you don’t know what Gympass is, an employee perk, Gympass offers the best network of gyms, studios, classes, personal trainers, and wellness applications. Because it’s a corporate service, you can subscribe only if your employer has signed up for the scheme.
Gympass received funding after a banner year in which it nearly doubled the number of its customers to over 15,000 and crossed two million employee members across its network of more than 50,000 partners.
Gympass’s global expansion will be accelerated by new investment as businesses prioritise reducing healthcare expenses and enhancing employee welfare.
At a valuation of $2.4 billion, Gympass, the top corporate wellness platform, today revealed that it has raised $85 million in a Series F fundraising round. EQT Growth took the lead in the deal, with Neuberger Berman joining on behalf of its client funds.
Despite economic challenges, Gympass had a record year, increasing its customer base by 80% to over 15,000 corporate clients and surpassing two million employee members throughout its network of over 50,000 partners. Regardless of the economic climate, businesses are realising that investing in employee well-being has a beneficial influence on hiring, retention, and productivity and lowers healthcare expenses. Physically active employees can save business healthcare expenditures by 35% after a year, according to a Gympass study on the ROI of wellness programmes.
Gympass CEO and Co-Founder Cesar Carvalho said, “Gympass is revolutionising corporate wellness at a time when every company is making investments to drive efficient growth and reduce spending.” “Organisations are switching from traditional, reactive healthcare benefits that drive up costs to more comprehensive, preventative wellness programmes that lower prices, boost employee productivity, and enhance wellbeing. Gympass is perfectly positioned in any economic scenario as businesses look for innovative partners to lower healthcare expenses and increase employee welfare, as seen by our quick growth and current round of funding.
“For years, we have seen the Gympass staff consistently exceed expectations. The more it scales, the more its potent recurring model, which currently operates in 11 countries worldwide, experiences distinct and powerful network effects, according to Carolina Brochado, Deputy Head of the EQT Growth Advisory team. Gympass can reach employees who might not have previously had access to wellness activities thanks to a diverse and developing network of partners, significantly expanding the market. We are incredibly pleased to support this outstanding management team as they work to create a workplace that is healthier, happier, and more productive.
Gympass, which offers the best worldwide network of gyms, studios, classes, personal trainers, and wellness applications – all in one employee benefit – has been at the forefront of innovation in the corporate wellness space since 2012. Businesses can enhance employee wellness and lower healthcare expenses by providing a benefit that has been shown to increase employee involvement. The number of employees involved in fitness on average more than doubles thanks to Gympass.
The financing announcement follows several significant achievements for Gympass, including:
• Exceeding 15,000 business clients in July (an increase of 80% year over year), including Aflac, Citizens Financial Group, Dignity Health, and Zendesk.
• Achieving levels of engagement that set the bar for the industry, surpassing two million employee subscribers in July and 300 million overall member check-ins to its network of more than 50,000 partners.
• Announcing new collaborations with eminent wellness organisations like Thrive Global, Lifetime, 24 Hour Fitness, Barry’s Bootcamp, CorePower Yoga, Headspace, and MyFitnessPal.
• Adding new subcategories of non-physical wellness, such as mental health, nutrition, and financial wellness.
• Publishing its inaugural Return on Wellbeing Study, which found that 78% of wellness programmes save healthcare costs for businesses. The study polled more than 2,000 human resource leaders.
With the best network of gyms, studios, classes, personal trainers, and wellness applications all in one employee benefit, Gympass is the most popular corporate wellness platform. Gympass is used by over 15,000 businesses to provide access to fitness and wellness partners in subscriptions up to 50% less expensive than standard memberships. This helps their employees move, eat, sleep, and feel better. The number of workers interested in wellness more than doubles thanks to Gympass. A workforce with this level of participation has a 40% lower turnover rate and can spend up to 35% less on healthcare—the performance of the business benefits from investments in employee well-being. Visit gympass.com to get going.
