SoftBank Backs Corporate Gym Platform, Cloud-Based Logistics Startup
SoftBank Group has led a round of investment in Gympass, a global network of corporate gyms, that values the company at more than $2.2B. Other investors in the round, which totaled $220M, include General Atlantic, Moore Strategic Ventures, Kaszek and Valor Capital Group.
Gympass facilitates corporate access to its network of over 50,000 gyms and studios worldwide. Its U.S. partners include Crunch Fitness, F45, Gold’s Gym and SoulCycle. The company also organizes on-demand classes, meditation sessions, therapy sessions and the services of personal trainers.
The funding will help Gympass expand in the United States, according to the company. Current clients include Accenture, KPMG, McDonald's and Unilever.
In May, Gympass says it experienced a record 4 million monthly visits across its network, with many of its clients seeing usage above pre-pandemic levels, pointing to a return to in-person fitness.
"We’ve already seen a surge in gym and studio visits as countries begin to open up, and we fully expect even greater momentum as people head back to the office,” Gympass CEO Cesar Carvalho said in a statement.
During the height of the coronavirus pandemic, Gympass organized virtual wellness sessions, which are ongoing.
"Similar to the hybrid work model that many have adapted due to the pandemic, we’re seeing a similar trend when it comes to fitness and wellbeing," Carvalho said.
SoftBank also participated in a $200M funding round for cloud-based logistics platform ShipBob. Bain Capital Ventures led the round, which more than doubled ShipBob's valuation to $1B-plus.
ShipBob is a logistics platform that fulfills e-commerce orders for direct-to-consumer brands that compete with the major e-commerce operators. The company works with about 5,000 brands to help them run their shipping and logistics operations. ShipBob has a network of 24 fulfillment centers in the United States, Canada, the U.K., Ireland and Australia.
“We constantly evaluate the needs of our merchants today, where we believe their needs will evolve in the future, and prioritize what can drive the most impact to help make them successful and differentiate from their competitors,” ShipBob CEO Dhruv Saxena told TechCrunch.