Gympass is cruising past pandemic woes.
In an already successful year, the largest corporate wellbeing platform announced a $220 million Series E funding round, valuing the startup at $2.2 billion.
With a worldwide network of more than 50,000 gyms and studios, Gympass wants to expand further.
“The additional funding will help us fuel further growth in the U.S., improve the product experience, and continue to expand into new categories,” said Cesar Carvalho, co-founder and CEO of Gympass.
Led by Softbank, the round comes as no surprise for those who have followed the company’s numbers.
- Gympass saw a record 4 million monthly visits in May
- Added over 1,000 new clients during the pandemic
- Recorded 3.5 million sessions with digital partners
Due to the pandemic, the overall fitness industry was expected to lose $7 billion in revenue as of July 2020.
In the same month, 59% of Americans said they would not renew their gym memberships due to cheaper alternatives, according to TD Ameritrade.
Gympass is defying the odds.