Marcelo Claure’s New VC Firm Bicycle Capital Set to Lead Investment Round in Gympass

Bicycle Capital, a newly established growth equity fund focusing on Latin America and co-founded by Marcelo Claure and Shu Nyatta, appears to be on the verge of making Gympass one of its first investments since launching operations in June, according to exclusive information provided to Bloomberg Línea by a source familiar with the matter, who asked not to be identified because the discussions are private.

Gympass has declined to provide any comments for the time being.

Speaking to Bloomberg Línea on the condition of confidentiality, the source revealed that Bicycle Capital, which has garnered $440 million in committed capital so far, is in a position to invest in Gympass. It remains undecided whether this investment would be an extension of a recently disclosed round or if it would be channeled through the secondary market.

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“We see Gympass as an exceptional company and would welcome the opportunity to once again be part of its investor roster,” Bicycle Capital told Bloomberg Línea. However, they did not confirm the investment. Marcelo Claure and Shu Nyatta, along with Paulo Passoni, who has recently joined Valor Capital, were the executives at the forefront of SoftBank’s investments in Latin America, including the funding received by Gympass.

During their tenure, the Japanese company played a pivotal role in shaping and nurturing the startup ecosystem across the region.

Gympass operates as a corporate health and well-being benefits platform. The startup recently secured $85 million in a Series F funding round led by EQT Growth, the Swedish private equity group, valuing the company at $2.4 billion. Neuberger Berman also took part on behalf of client funds. Existing investors such as General Atlantic and Moore Strategic Ventures increased their holdings during this funding round to prevent dilution and also acquired shares from current and former investors and employees.

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In 2021, SoftBank invested $220 million in the startup when it was valued at $2.2 billion. Although SoftBank did not participate in the most recent funding round, it continues to be an investor in the company.

Gympass has recently reached 15,000 corporate clients, also crossing two-million user milestone. The new investments are expected to expedite the company’s global expansion. Currently, the startup serves global clients such as Aflac, Citizens Financial Group, Dignity Health, and Zendesk.

Established in 2012, the company provides employees of its corporate clients access to a network of 50,000 partners, including gyms and fitness studios, along with virtual classes, meditation sessions, pilates, and other health-related services.

In June, Koolen & Partners reportedly sold a stake in Gympass to an undisclosed buyer, as per PitchBook. Prior to this, the company secured $4.92 million in debt financing in the form of a first-lien loan from Blackrock.