Gympass, the Brazilian fitness and corporate wellness unicorn, announced today a $220 million Series E funding round. In the last few months, the company has experienced remarkable growth as more corporate employees are allowed to get back into indoor activities.
Gympass is an app that allows employees to pick from a variety of wellness plans. The company exclusively works with businesses, who pay a fixed price for the platform (an app) and access to in-person gyms and studios. Gympass has already been downloaded more than million times.
Since its inception in 2012 in So Paulo, the firm has swiftly established product-market fit, and its development and expansion has mostly been organic.
SoftBank, General Atlantic, More Strategic Ventures, Kaszek Ventures, and Valor are among the investors in this round, which brings the company’s valuation to $2.2 billion. Carvalho intends to use the funds to expand the company’s operations in the United States, increase its product offerings, and focus on making the technology smarter.