ClassPass Raises $85M In Venture Funding

Mariana Tek: Boutique Fitness Booking Concierge

ClassPass, the fitness membership service, announced on Wednesday (July 25) it raised $85 million in venture funding.

In a press release, ClassPass said the $85 million series D round of financing was led by Temasek, an investment company headquartered in Singapore. Other investors who participated in the round include the Growth Fund of L Catterton. With the latest round of funding, ClassPass has raised a total of $255 million and will be adding Michael Farello of L Catterton to its board.

“Having our Series C lead investor Temasek double down and lead our Series D is a major vote of confidence in our business and a reflection of the successful evolution to the credits model we made this year,” said Fritz Lanman, ClassPass CEO, in the press release. “Temasek has been a supportive shareholder, and their continued engagement will be especially helpful as we launch ClassPass throughout Southeast Asia.

“Additionally, having L Catterton, one of the top investors in the fitness category, invest and join our Board validates how complementary our new model is for partners,” he continued. “As we continue to rapidly expand, we look forward to working with Temasek and L Catterton to solidifying ClassPass’ leadership position in the fitness industry worldwide.”

With the company successfully launching in 10 new cities in the U.S. last year, it is now shifting its focus to expand into 20 new countries outside the U.S. and another 10 domestic cities by the end of 2019. The round of funding, said the company, will help it speed up those timelines and support its aim to become the largest fitness aggregator across the globe.

“We are thrilled to partner with ClassPass, the leading technology-enabled platform serving the large and growing studio fitness industry,” said Farello, co-managing partner, L Catterton Growth Fund. “Fitness has become more personalized, and ClassPass represents an opportunity to invest behind a market leader that is well-positioned for growth. With our deep knowledge of consumer behavior and significant experience in the fitness industry, we look forward to working with the outstanding ClassPass team to bring ClassPass to more customers in existing and new markets around the world.”