What You Should Know:
– Gympass, a New York City-based corporate wellness platform raises $85M in a Series F funding round led by EQT Growth, with participation from Neuberger Berman at a valuation of $2.4B.
– In addition to the Series F funding led by EQT Growth, General Atlantic and Moore Strategic Ventures are also doubling down on their investments in Gympass by purchasing existing shares from earlier investors and current and former employees.
Largest Global Wellness Network for Employees
More than four out of five employees globally believe wellbeing is equally important to salary and 53%, of U.S. workers and 44% globally say they’re stressed on a daily basis. Today’s employees understand the value of wellbeing and are increasingly demanding it, which is putting pressure on employers to adapt. Founded in 2012, Gympass offers the best global network of gyms, studios, classes, personal trainers, and wellness apps – all in one employee benefit. Companies can improve employee wellbeing and reduce healthcare costs by offering a benefit that is proven to drive higher employee participation. On average, Gympass more than doubles the number of employees engaged with wellness.
Global Wellness Network Footprint
The recent funding comes in a record year for Gympass, as it nearly doubled its customer base to more than 15,000 and surpassed two million employee subscribers across its network of more than 50,000 partners. Gympass has established new partnerships with leading wellness organizations, including 24 Hour Fitness, Barry’s Bootcamp, CorePower Yoga, Headspace, Lifetime, MyFitnessPal, Orangetheory Fitness, Sleep Cycle and Thrive Global. The company has also expanded into new, non-physical wellness categories including mental health, nutrition and financial wellness.
Regardless of the economic environment, organizations are recognizing that employee wellbeing doesn’t just positively impact retention, happiness and productivity–it also decreases healthcare costs. A Gympass study on the ROI of wellness programs discovered that physically active employees can reduce company healthcare costs by thirty-five percent after a twelve month period.
Expansion Plans
Gympass will use this new funding to continue to fuel its global expansion and product innovation, investing in its platform to enhance the user experience for both employers and employees. With an accessible, affordable, and flexible platform, employees are empowered to embark on their individual wellness journey with confidence, motivation, and a sense of community.
“Gympass is revolutionizing corporate wellness at a time where every company is making investments to drive efficient growth and reduce spending,” said Cesar Carvalho, CEO and Co-Founder of Gympass. “Organizations are shifting from reactive and traditional healthcare benefits that increase costs, to more holistic and preventative wellness benefits that reduce costs and improve employee wellbeing and productivity. Our accelerated growth and new round of funding reflects validation of our model, that Gympass is uniquely positioned in any economic environment as companies seek innovative partners to reduce healthcare costs and improve employee wellbeing.”
