With a new funding round that could bring its valuation to more than $1 billion, ClassPass, backed by Alphabet Inc. and Temasek, is aiming to raise $285 million. As part of the funding round, the fitness firm will issue 22.7 million series E shares per a securities filing Reuters received from the Lagniappe Labs analytics firm.
The series E shares will have a value of $12.58 per share. And the company has a current value of $536.4 million per the Prime Unicorn Index, which monitors the performance of private U.S. firms. Payal Kadakia started ClassPass in 2013 after she had difficulty finding a dance class in New York.
As it stands, Kadakia is the company’s executive chairwoman. With its mobile app, ClassPass offers monthly subscriptions that provide access to more than 300,000 gyms as well as fitness studios worldwide. The firm has also teamed with companies such as Facebook Inc, Morgan Stanley, and Google to provide corporate wellness offerings.
In separate news, ClassPass in late July said it notched $85 million in venture funding. ClassPass said at the time that the series D round of financing was led by Temasek, an investment company headquartered in Singapore. Other investors that participated in the round include L Catterton’s Growth Fund.
ClassPass CEO Fritz Lanman said in a press release at the time, “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.” Lanman continued, “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 also noted.
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