Office-sharing startup WeWork signed a three-year deal with gym membership startup GymPass. As per the deal, WeWork will provide office space to 250 employees of GymPass. Japanese multinational conglomerate, SoftBank played a crucial role in finalizing a deal, as it also has a minority shareholding in GymPass.
Currently, around 25,000 employees from many SoftBank-backed startups including Uber, Compass, and QuintoAndar are using the WeWork. Last year, SoftBank invested heavily in SoftBank to prevent it from bankruptcy. They even tried to go for its IPO but couldn’t succeed. That led to co-founder and former CEO Adam Neumann to step down. Currently, WeWork has over 650,000 users globally. That number could hit 1 million by 2021.
Gympass was founded in Sao Paulo, Brazil. It has now headquartered in New York with office space in Manhattan’s SoHo area. The Unicorn startup offers gym membership to the corporate clients through a network of over 50,000 gyms and studios worldwide.