26 Jul 2018
ClassPass secures US$85m funding to drive growth
BY Tom Walker
Fitness subscription service ClassPass has secured US$85m (€72.5m, £64.5m) worth of series D financing from private equity giant L Catterton and Singapore-based investment company Temasek.
The company will use the funds to drive its ongoing growth plans, which saw it successfully launch in 10 new cities in the US during the second half of 2017.
In a statement, ClassPass said it has now shifted its focus to launching more than 20 new countries internationally and another 10 cities in the US by the end of 2019, while doubling-down on the density of studio offerings in its existing markets.
"This round of funding will help accelerate our timelines and operations to support the company’s ambitions of being the largest fitness aggregator in the world," the statement reads.
ClassPass recently transitioned from a fixed-class model to a "dynamically priced, credits-based model" in order to increase membership benefits and optionality.
Founded in 2013, ClassPass currently has more than 10,000 fitness partners in 50 cities worldwide, offering consumers access to a variety of fitness experiences, including yoga, cycling, Pilates, barre, running, strength training, dance, sports, videos and more.
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