Online fitness membership platform ClassPass has scored $85 million in a Series D funding round led by Singapore company Temasek, with participation from L Catterton's Growth Fund.
“Fitness has become more personalized, and ClassPass represents an opportunity to invest behind a market leader that is well positioned for growth,” Michael Farello, co-managing partner of L Catterton Growth Fund, who will be joining the board of ClassPass, said in a statement. “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.”
The platform allows users to opt into one membership and then access workout classes at various locations. It also gives members access to workout videos and blogs, and has the ability to connect people through the app.
Founder Payal Kadakia got her eureka moment to start the platform after she had trouble finding a dance class to take in New York City, according to the website. Now the platform includes a plethora of workouts including boxing, spinning, barre, and bootcamps.
Founded in 2013, the company has a history of raking in high funding amounts. Just last year it announced that it had landed $70 million in Series C funding, also led by Temasek. The latest funding brings the fitness platform’s total financing to $225 million.
“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. Temasek has been a supportive shareholder, and their continued engagement will be especially helpful as we launch ClassPass throughout Southeast Asia,” Fritz Lanman, CEO of ClassPass, said in a statement. “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. 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.”
The company is looking to launch in 20 more countries and 10 more US cities by the end of 2019. It said it is building on its expansion last year, when the company launched in 10 cities in the US.
“We’ve had tremendous success creating the category and becoming the leading fitness subscription in the US, but our ambitions have always been more lofty than geographic constraints,” Kadakia said in a statement. “This latest round of funding helps bring our vision to reality as we more firmly establish ourselves as a global brand.”
