International fitness and wellness marketplace ClassPass has notched $285 million in a Series E funding round led by L Catterton and Apax Digital, with support by existing investor Temasek, the company announced on Wednesday (Jan. 8).
The funds come on the heels of the startup’s global expansion into 28 countries and partnerships with over 1,000 employers for its corporate wellness solution.
Launched in 2012 by Payal Kadakia under the name Classtivity, ClassPass closed $2 million in seed funding in March 2014 after rebranding. Six months later, the startup raised $12 million in a Series A round by entrepreneur Fritz Lanman, who now serves as CEO. The company had a $470 million valuation in 2017.
ClassPass has partnerships with over 30,000 boutique studios, gyms and wellness providers to give members an array of fitness options. The new funding will be used to scale its branded model worldwide.
"We are motivated by the impact we've had on members and partners, including 100 million hours of workouts that have already been booked. This investment is a significant milestone that will further our mission to help people stay active and spend their time meaningfully," said Kadakia, founder and executive chairwoman.
ClassPass members can reserve fitness classes using the company’s proprietary booking technology. After a one-month free trial, a 10-class subscription costs $99 per month. There are also lower pricing tiers for three or five classes per month.
The new funding also adds two additional board members: Marc Magliacano, managing partner at L Catterton and Daniel O'Keefe, managing partner at Apax Digital.
CEO Lanman said the new funding validates the company’s success in the U.S. and its fast expansion across the globe to 28 countries in 18 months. "Even in our recently launched European markets, our partners consistently call us their No. 1 driver of new customer reservations.”
L Catterton has worked with numerous tech-enabled fitness platforms – including Peloton, Hydrow and Tonal – as well as studio brands like Pure Barre and CorePower Yoga.
"As an investor in a number of highly respected studio and fitness club brands, we have seen firsthand how ClassPass providers and members mutually benefit from the ClassPass relationship," said Magliacano.