PYMNTS Intelligence Banner June 2024

Corporate Wellness Platform Gympass Rebrands as Wellhub, Prepares for IPO

Gympass Rebrands as Wellhub, Prepares for IPO

Corporate wellness platform Gympass rebranded as Wellhub to reflect its expanding range of services.

Previously focused on gym memberships, the platform now has partners in the fields of fitness, mindfulness, therapy, nutrition and sleep, the company said in a Thursday (April 4) press release.

“By offering a single platform for all-in-one wellness, Wellhub drives employee engagement, increases productivity and delivers the tangible ROI businesses seek,” Wellhub Co-founder and CEO Cesar Carvalho said in the release.

The rebranding is also part of the company’s preparations for an initial public offering (IPO), Carvalho told the Financial Times (FT) in a report posted Thursday.

The timing and location of the IPO have not been determined, but Wellhub has begun its preparations for the event, Carvalho said in the report.

The company was launched as Gympass in Brazil 11 years ago, Ryan Bonnici, chief marketing officer at Wellhub, said in a Thursday blog post. Today, it operates in 11 countries and serves over 15,000 corporate clients, according to the press release.

Wellhub provides employees with personalized guidance, coaching and social gamification, the release said. By catering to employees’ interest in maintaining their well-being, it helps companies recruit, engage and retain employees.

“By investing in the health and happiness of employees, we not only create more productive and engaged workplaces but also generate tangible returns for companies in the form of higher employee retention and reduced healthcare costs,” Lynne Oldham, chief people officer at Stash and board member at Wellhub, said in the release.

Gympass was valued at $2.4 billion in August when it secured $85 million in a Series F funding round. At the time, the company said it had surpassed 2 million employee subscribers across its network of partners.

The firm began expanding its platform to include other wellness benefits in addition to brick-and-mortar gym benefits in June 2020 amid the pandemic. At that time, Gympass reported that 65% of Americans said they were more aware of mental health issues since the pandemic began and two-thirds said the pandemic prompted them to prioritize their health.