SoftBank Vision Fund and SoftBank Latin America Fund have led a funding round in Brazilian fitness operator Gympass, according to an official announcement.
While the investment details were not disclosed, media reports peg the financing at $300 million. It was also earlier reported that Gym pass will receive up to $500 million in this round, divided into three tranches.
Existing investors General Atlantic, Atomico and Valor Capital Group participated in the funding, Gympass said.
The company has grown its presence across Latin America, North America and Europe to nearly 47,000 gyms, claiming to be the world’s largest gym network.
Gympass provides wellness packages to corporations in these regions, saying companies such as Unilever, Tesco and Activision Blizzard, among others, have used its services.
“Over 2,000 corporations worldwide are revolutionising how inactive employees engage in physical activity to create a healthier, more engaged workforce. Gympass is making this possible by delivering a unique, universal wellness program that connects employees to thousands of fitness options,” said Murtaza Ahmed, Partner of SoftBank Investment Advisers.
The initial investment was completed by the Vision Fund. The Latin America Fund will join the deal alongside the Vision Fund once the applicable authorisations and closing conditions have been met, the parties said in a statement.
The investment is expected to help Gympass with its global expansion to attract new users, as well as major enhancements in product and technology.
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“There are few companies as successful as Gympass in making the transition to a global champion, and we’re excited for what the future holds,” commented Marcelo Claure, CEO of SoftBank Latin America Fund.
SoftBank’s $5 billion innovation fund for Latin America was launched in March 2019 to invest in sectors such as e-commerce, health care and digital financial services, among others.