ClassPass celebrates ‘unicorn’ status after $285m fundraise

Ben Heathcote | January 13, 2020

App Deals

Fitness and wellness subscription app ClassPass is now worth more than $1 billion after its latest cash injection. The New York-based startup attracted $285 million from L Catterton and Apax Digital.

ClassPass, which lets users take classes across multiple boutique fitness studios and gyms without purchasing memberships at those locations, will use the funds to continue its international expansion. The Series E round follows the company’s expansion into 28 countries and the signing of more than 1,000 big employers into its corporate wellness programme.

Fritz Lanman, CEO, said:

“This fundraise is a reflection of our proven and sustained success in the U.S. and our rapid adoption internationally. In 18 months, we’ve scaled from 4 to 28 countries. Even in our recently launched European markets, our partners consistently call us their #1 driver of new customer reservations.

“Our goal is to be the brand of choice and clear leader in every country we enter. This investment will allow us to expand more rapidly within existing geographies, add more countries to our network, and scale our corporate program globally. Additionally, I am thrilled to welcome two new board members with incredible domain expertise in digital subscription businesses and the fitness industry more broadly.”

Founded in 2013 by Payal Kadakia, ClassPass provides members with instant access to over 30,000 exercise studios, which offer diverse fitness options including yoga, cycling, Pilates, strength training, boxing and more.

The investment will allow the startup, which has over 650 employees across five continents, to continue rapidly scaling its proprietary reservation and booking technology across the globe.

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