Invest in Gympass

A self-styled “corporate wellness platform”, Gympass does not own exercise facilities, but provides access to thousands of gyms and fitness centers across 12 countries via a single membership on its app.

Gympass provides countless solutions for corporations including: (1) Employee Engagement: Launch campaigns that drive enrollment and usage, (2) Easy Program Administration: Manage enrollment, monitor usage, and measure results, (3) Global Support for Employees: Ensure the best well-being experience for a user’s team, (4) Exclusive Events & Education: Connect employees to well-being seminars, webinars, and more, (5) Wellness Program Resources: Use ready-made marketing assets to amplify awareness, (6) Dedicated Client Success Team: Get help with setup, rollout, and annual planning expertise, and (7) New Network Requests: Refer gyms, studios, and apps to join the Gympass Network.

Offered by companies, Gympass gives users all-in-one access to fitness, trainers, classes, and apps for physical, nutritional, and mental wellbeing.

Gympass provides countless solutions for employees, including: (1) Empower More Physical Activity: With in-person gyms & studios, (2) Relieve Stress & Promote Self-Care: With apps for mental wellbeing, (3) Nurture Healthy Eating Habits: With apps for nutrition guidance, (4) Support Health for Their Loved Ones: With family member add-on, (5) Provide Flexible Access to Wellness: With on-demand classes, and (6) Offer Personalized Wellness Coaching: With 1:1 virtual personal training.

Gympass operates a dual business model, offering subscriptions directly to consumers for individual access to fitness and wellness services, while also partnering with businesses to provide tailored wellness programs for their employees. The gym, studio, or personal trainer earns a commission from each session.

Employees register, download the app, and subscribe to a monthly plan that fits their needs and budget.

Purchasing an annual corporate subscription allows companies to offer Gympass to their employees – who choose from a variety of flexible, affordable monthly plans.

Corporate subscription costs vary based on a company’s total number of eligible employees, along with optional add-on services like family member eligibility or payroll automation.

According to the Financial Times, in April 2024, Cesar Carvalho, CEO of Gympass, stated said revenue increased 70% in 2023 compared with 2022. Brazil remains the largest market with operations also in Mexico, Argentina, Chile, Spain, Germany, UK, Ireland, Romania and Italy.

According to EQT Ventures, Gympass has seen 80% year-on-year growth in its customer base over the last year, on the back of strong adoption tailwinds for its platform.

“The market opportunity remains huge, and now we have the capital to scale even further,” said Hiro Tamura, an Atomico partner and a board member of Gympass.

In August 2023, Gympass announced its acquisition of Trainiac, a leader in 1-on-1 online personal training, now becoming Trainiac by Gympass. The move will add a new level of personalization to the Gympass experience; helping users to establish new habits and long-lasting fitness routines and adding significant value to Gympass’ corporate clients looking to support an increasingly decentralized workforce.

In August 2023, Gympass announced the newest addition to its roster of wellness offerings, Orangetheory Fitness. As the largest boutique fitness studio chain in the U.S. with 1,500+ locations, Orangetheory will now begin rolling out access to its unique exercise classes to Gympass users at participating studios across the country. This further expands the company’s already robust offerings of premier wellness services.

In August 2023, Gympass announced that it added MyFitnessPal, the number one global nutrition and food tracking app, to its roster of more than 50,000 well-being partners. MyFitnessPal brings unique nutrition and food tracking capabilities to the Gympass platform, providing organizations with the most comprehensive well-being benefits available. Since 2005, MyFitnessPal has empowered over 200 million users in over 120 countries and in 20 languages to take control of their nutritional health.

In September 2023, Gympass announced its acquisition of Andjoy in Spain and 7Card in Romania, both owned by Sodexo Benefits and Rewards Services, thus expanding its business footprint in Europe. The acquisition of Andjoy, a corporate wellbeing platform founded in Barcelona in 2013 that has grown to include 2,200 wellbeing partners, will further solidify Gympass’ position in Spain, bringing on board more than 400 corporate clients, such as Glovo and Iberdrola, and new partners, including CET10, Aiguajoc and many others in the Catalonia region. 7Card is a leader within the Romanian wellbeing market, with over 1,000 corporate clients and more than 600 wellbeing partners. 7Card presents the ideal addition to the Gympass business in order to expand its footprint in a new market and continue with its mission to make wellbeing universal.

In November 2023, Gympass expanded its personal training product from a fitness-only solution into one that serves holistic wellness needs. Trainiac by Gympass now empowers members to build long-lasting habits by connecting them with highly qualified Wellness Coaches, who are uniquely positioned to understand their individual needs and goals, build personalized plans, and guide them along their well-being journeys.

In April 2024, Gympass announced it is rebranding as part of preparations for an initial public offering. ntPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.nthttps://www.ft.com/content/31a60ddb-8f6c-4c55-9354-829d488c420dnntThe start-up said the change of name to Wellhub reflected its widening range of services, which alongside access to tens of thousands of third-party fitness centres also included partner apps for activities like sleep, meditation and diet.nntPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. Gympass said the change of name to Wellhub reflected its widening range of services, which alongside access to tens of thousands of third-party fitness centres also included partner apps for activities like sleep, meditation and diet. ntPlease use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.nthttps://www.ft.com/content/31a60ddb-8f6c-4c55-9354-829d488c420dnnt“We have begun preparations, we are doing the internal work and we have been for a long time running the business with the discipline of a public company,” he told the Financial Times in an interview. n