Wellhub, a New York-based corporate wellness platform, has reached a $2.4 billion valuation. The company serves 26,000 businesses, offering more than 50,000 in-person gyms and studios, 3,800 virtual personal trainers, and 93 wellness apps to over 20 million employees. CEO and co-founder Cesar Carvalho left leadership roles at McKinsey and dropped out of Harvard Business School to launch the company.
Carvalho told Fortune that his inspiration for Wellhub came from his upbringing in Brazil. He talked about a childhood spent around lush parks, gyms, and relaxing spaces where prioritizing wellbeing was simple. This stood in stark contrast with what he observed in big cities while being part of the corporate world.
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“It felt like staying ‘well’ was only possible for people with plenty of time or money. That idea of limited access really stuck with me and became the driving force behind what I’ve built with Wellhub,” Carvalho says. “I wanted to bring back the simplicity of what wellness looked like growing up: going to the park, spending time with friends, taking a moment for yourself.”
Carvalho had earned his business degree from the Universidade de São Paulo, and launched his business management career with leadership roles at McKinsey & Company and AC Nielsen. Later, he enrolled in Harvard Business School, only to drop out in order to pursue his passion for bringing wellness and exercise to big cities and the corporate world.
Wellhub has since expanded into 13 countries globally, and has a total of 2,000 workers. The company recently partnered with the Reebok Fitness app and Citibikes in New York City, and continues to release annual wellbeing reports on how employers should approach workforce wellness.
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Reflecting on his journey, Carvalho said his best investment was “moving to America to drive Wellhub’s global expansion.” He added, “I was not only investing in building a company, but I was investing in myself, what I valued most in life, and the wellness of others.”
Earlier this year, Wellhub acquired Urban Sports Club, a European provider of corporate employee benefit programs and consumer wellness solutions. This helped the company broaden its reach in Europe, and its presence has now been expanded to twelve countries across Europe, the U.S, and Latin America. Wellhub has also acquired Italian platform Fitprime.
Wellhub stated that the European market is experiencing substantial growth, driven by increasing awareness of mental health, rising healthcare costs and a shift towards hybrid work models.