After Record Haul, Latin American Startups Adapt to Stay Afloat
- Startups raised $4.6 billion in venture capital last year
- Entrepreneurs change strategy as pandemic upends businesses
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Gympass built one of Latin America’s fastest-growing tech companies by making it easier for corporate employees to work out.
The eight-year-old Sao Paulo startup signed contracts with around 2,000 companies, which gave their workers access to some 53,000 gyms in 14 countries, including the U.S. Then the coronavirus pandemic hit and almost all gyms closed. The company’s business model was upended nearly overnight.