Business

The Brazilian unicorn Gympass received an investment of $300 million from Softbank

Gympass_Brazilian_Unicorn
  • Gympass has become a unicorn in 2019 and was already chosen from Softbank to receive the second biggest investment made by the company in Brazil.
  • The first target of Gympass for expansion is the USA market.

Softbank’s has made the second biggest investment in a Brazilian company. The first one to take benefit from it was the logistic service Loggi, the latest unicorn of Latin America and now Gympass, the fitness company which has also become a unicorn in 2019, will be the next to enjoy of a $ 300 million investment from the Japanese giant.

For Shu Nyatta, SoftBank’s Latin America Fund Investment Partner, the reasons why Gympass was chosen to receive this investment are clear. “In Gympass’ case, they’ve created something very compelling and really know how to execute it, so there’s no reason for them not to become a global company”, he explains in an interview for Bloomberg.

Get to know all about the opportunities in the fitness market in Brazil and Latin America: “Economies of the Fittest: Brazil Leading Latin America’s Fitness Revolution

Softbank is not the only current investor in Gympass, they are also counting with the support of General Atlantic, Atomico and Valor Capital to keep growing. “The market opportunity remains huge, and now we have the capital to scale even further,” declared Hiro Tamura, an Atomico partner and a board member of Gympass, declare by email for  Bloomberg.

And the plans to keep growing and scaling Gympass’ business worldwide are defined. The USA is the next target for Gympass and they are already studying the best way to enter into this new market.

For now, what we know for sure is that Softbank will keep moving the Latin America market. According to Nyatta statement for Bloomberg, “we really want to create Fortune 50 companies from Latin America. There’s been a lack of capital to help entrepreneurs in the region think bigger, and that’s why we’re here.”