17 June 2019

Carey Olsen advises Gympass as it secures US$300 million of new funding

Carey Olsen's corporate team in the Cayman Islands has advised Brazilian corporate fitness startup Gympass on its latest funding round which has secured commitments of US$300 million – investment that puts the valuation of the company at more than US$1 billion.

The company, which was founded in Brazil in 2012 and moved its headquarters to New York in 2018, has more than 40,000 gym and studio partners and provides monthly passes to over 2,000 companies in 14 countries so that they can help pay for fitness programmes and classes for workers.

Gympass' latest funding came from Japanese investment group SoftBank as well as existing investors such as General Atlantic, Atomico and Valor Capital.

Cayman Islands partner Alistair Russell led the Carey Olsen team advising Gympass and was assisted by counsel Dylan Wiltermuth and associate Robert Coombes.

"We are delighted to have worked on this transaction. Gympass has been a long-standing client of the firm through each of its previous equity raises, and is a particularly exciting and innovative company with a highly talented team," said Alistair.

"We also feel honoured to be involved in helping yet another early stage client through the US$1bn valuation mark and look forward to its continued success. The transaction also serves once more to underline the attractiveness of the Cayman Islands as one of the premier jurisdictions for international venture capital transactions, both in Latin America and globally."