ClassPass, a US-headquartered fitness marketplace that designs training applications for fitness classes, has raised US$285 million in its Series E funding round that will finance the acceleration fo its international growth.
In a statement, the company, which was founded in 2013 by Mary Higgins, Payal Kadakia, and Sanjiv Sanghavi, said the funding round was led by L Catterton and Apax Digital. Singapore state investor Temasek, an existing investor in ClassPass, also participated in the latest fundraising.
ClassPass partners with more than 30,000 boutique studios, gyms, and wellness providers, offering members access to the largest global network of wellness-inspired experiences, according to a statement. It has over 650 employees across five continents.
The studios and gyms offer diverse fitness options including yoga, cycling, Pilates, strength training, boxing and more.
In addition to workouts, members can instantly book inspiring wellness experiences, such as massages, acupuncture and spa treatments. ClassPass simplifies the discovery process, using machine learning to provide catered recommendations to each member based on their goals and preferences.
“The investment will enable ClassPass to continue rapidly scaling its proprietary reservation and booking technology across the globe,” the company said.
It added that the investment is “a significant milestone” that will further the company’s mission to help people stay active and spend their time meaningfully.
“This fundraise is a reflection of our proven and sustained success in the US and our rapid adoption internationally. In 18 months, we’ve scaled from 4 to 28 countries,” ClassPass CEO Fritz Lankan said.
L Catterton, one of the lead investors in this funding round, is the largest consumer-focused private equity firm in the world. It has approximately $20 billion of equity capital across seven fund strategies in 17 offices globally.
The funding round comes nearly two years after ClassPass raised US85 million in its Series D led by Temasek Holdings. The company also raised US$23 million in its venture round in September 2017 and US70 million in June 2017. In all, ClassPass raised US$549 million in over 9 rounds of funding.
To solidify its share in the global fitness market, ClassPass had acquired Fitness Collection, a new kind of membership that provides access to the best trainers, gym, and classes of yoga, for an undisclosed amount in October last year.
It also acquired its Asia-based competitor GuavaPass for US$4.2 million and fitmob, the subscription service for unlimited monthly fitness classes, for an undisclosed amount.
