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Brazilian Gympass joins the unicorn club following SoftBank mega-funding round

Contxto – Good things are in store for Brazil’s youngest unicorn. Following the recent news of SoftBank’s expansion in Latin America, sources also say that the Japanese firm (along with other unnamed investors) will fund Brazil’s fitness app, Gympass.

The B2B network of over 30,000 workout facilities will receive a total of US$500 million in this round, divided into three tranches.

This transaction will rank Gympass as Brazil’s newest unicorn with an estimated market value of US$1.1 billion.

SoftBank will join the fitness startup’s cap table, next to investment firms like General Atlantic, Redpoint, Atomico, among others.

Gympass caught the world’s attention after it launched in 2012 due to its convenient and multifaceted platform. Only growing since then, the world’s largest corporate fitness platform now joins other Brazilian unicorns like 99, PagSeguro, Nubank, Stone and Movile.

How does Gympass function?

Gympass allows users to access a global network of gyms and studios in 15 different countries. Companies pay a monthly fee for their employees to access the platform. That way, team members can increase productivity through exercise as well as other healthy activities.

Whether you’re a monthly subscriber or purchasing day-passes, clients can enroll in their magnitude of classes. These range from bodybuilding, pilates, yoga, swimming, dance or other physical activities.

Why be on the lookout for Brazilian unicorns?

According to Tech Crunch, Brazil is Latin America’s largest entrepreneurial ecosystem, not to mention the world’s eighth largest economy. With this status, though, comes an eagerness from Brazilian startups to expand internationally.

Over the past year, unprecedented investments from China, Japan, Europe and Silicon Valley have propelled Brazil’s startup ecosystem to cross many borders.

Seems like the stream of mega-rounds is just getting started.

-JA

Jacob Atkins
Jacob Atkins is a journalist specializing in Latin America. He studied journalism and international relations at American University in Washington, D.C. and has previously reported from Chile, Ecuador, Haiti and Mexico. When he isn't writing he's most likely hiking or drawing.

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