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Impressive Funding Round
Gympass, a trailblazer in the corporate wellness domain, has proudly announced its successful acquisition of $85M through a Series F funding round. This remarkable achievement has catapulted the company’s valuation to an astounding $2.4 billion. Leading the investment round was EQT Growth, with notable participation from Neuberger Berman on behalf of its client funds.
Record-Breaking Year for Gympass
Despite facing economic challenges, 2023 has proven to be a monumental year for Gympass. The company witnessed an 80% growth in its customer base, reaching over 15,000 corporate clients. Additionally, it celebrated surpassing two million employee subscribers, collaborating with a vast network of over 50,000 partners. This growth underscores the increasing recognition among organizations of the importance of employee wellbeing, not just for morale but also for reducing healthcare costs. A study conducted by Gympass revealed that physically active employees can lead to a 35% reduction in company healthcare expenses within a year.
Gympass’ Vision and Mission
Cesar Carvalho, the CEO and Co-Founder of Gympass, shared his insights on the company’s mission. He emphasized Gympass’s commitment to revolutionizing corporate wellness. The company’s approach is to shift from traditional healthcare benefits, which often escalate costs, to a more holistic and preventative wellness model. This not only reduces expenses but also enhances employee wellbeing and productivity. Carvalho believes that Gympass’s rapid growth and the recent funding round validate their unique business model, positioning them as a key player in the corporate wellness sector.
Unique Offerings and Differentiators
Since its inception in 2012, Gympass has been at the forefront of innovation in the corporate wellness category. The platform boasts a comprehensive network of gyms, studios, classes, personal trainers, and wellness apps, all bundled into a single employee benefit. This extensive offering ensures higher employee participation in wellness activities, with Gympass effectively doubling the number of employees engaged in wellness.
Recent Milestones and Partnerships
Gympass has achieved several significant milestones recently:
- An 80% YoY growth, with over 15,000 corporate clients onboarded by July.
- Surpassing two million employee subscribers and 300 million total member check-ins.
- Forming strategic partnerships with renowned wellness organizations such as 24 Hour Fitness, Barry’s Bootcamp, CorePower Yoga, and more.
- Diversifying into new wellness categories, including mental health, nutrition, and financial wellness.
- Releasing a comprehensive Return on Wellbeing Study, which highlighted the cost-saving benefits of wellness programs.
Future Endeavors and Expansion
The newly acquired funding will be instrumental in fueling Gympass’s global expansion and product innovation. The company aims to enhance its platform to provide an unparalleled user experience for both employers and employees. With a focus on accessibility, affordability, and flexibility, Gympass is poised to empower employees on their wellness journey, fostering a sense of community and motivation.
Gympass’s recent funding round and its unwavering commitment to enhancing corporate wellness position it as a leader in the industry. As the company continues to grow and innovate, it remains dedicated to its mission of making wellbeing universally accessible.
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