Online fitness membership platform ClassPass announced this morning the close of a hefty $285 million Series E investment round that, according to a spokesperson, propels the New York-based company’s valuation past the $1 billion mark.

The new raise was led by L Catterton and Apax Digital, while prior backer Temasek also made an appearance. As a result of their participation, L Catterton’s Marc Magliacano and Apax Digital’s Daniel O’Keefe will both be joining ClassPass’ board, according to the fitness company.

WHAT THEY DO

Founded in 2013, the ClassPass platform allows users to sign up for a single subscription membership that allows them to participate in local fitness classes in exchange for credits tied to their account. What’s more, the app includes unlimited access to streaming audio and video workout content, educational blogs and other fitness-related content. ClassPass markets these plans to consumers, as well as to corporate clients as an employee benefit.

According to the company’s latest announcement, it is currently partnered with more than 30,000 studios, gyms and other wellness providers, employs a staff of over 650 employees and is active in 28 countries.

WHAT IT’S FOR

The company said that the new funds will help further scale its platform internationally.

"This fundraise is a reflection of our proven and sustained success in the US and our rapid adoption internationally," CEO Fritz Lanman said in a statement. “Our goal is to be the brand of choice and clear leader in every country we enter. This investment will allow us to expand more rapidly within existing geographies, add more countries to our network and scale our corporate program globally.”

MARKET SNAPSHOT

It was just shy of a year ago that ClassPass announced its acquisition of fellow fitness booking service GuavaPass, a move that helped the company find its footing in several Asian and Middle Eastern markets.

But its continued international push places ClassPass at odds with what is likely its primary rival, Gympass. The Brazil-grown fitness company announced its own unicorn milestone back in June 2019, and just last month acquired Lisbon, Portugal-based artificial intelligence company Flaner in an effort to improve its platform’s class recommendations, search tools and overall user experience.

ON THE RECORD

"ClassPass has continuously evolved its model to meet the changing needs of both partners and users,” L Catterton’s Magliacano said in a statement. “The ClassPass credits model, when combined with its A.I. tools, allows studios significant flexibility in monetizing their excess inventory and generates more revenue for studios than any other aggregator. We are confident that ClassPass is poised to grow into one of the most prominent wellness brands of the new decade and we couldn't be more excited to continue to partner with Fritz and his team."