Fitness marketplace closes investment round worth over $280m
Global fitness and wellness marketplace ClassPass has closed a $285m Series E investment.
The round, which was led by L Catterton and Apax Digital, with additional participation by existing investor Temasek, follows the expansion by ClassPass into 28 countries and the signing of over 1,000 employers into its corporate wellness program.
ClassPass was founded in 2013, and has over 30,000 boutique studios, gyms and wellness providers.
The investment will enable ClassPass - which now has over 650 employees across five continents - to continue scaling its proprietary reservation and booking technology.
Founder and executive chairman, Payal Kadakia, said: “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.”
As part of the investment, Marc Magliacano, managing partner at L Catterton’s Flagship Fund, and Daniel O’Keefe, managing partner at Apax Digital, will join the ClassPass board of directors.
Marc added: “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.
“ClassPass has continuously evolved its model to meet the changing needs of both partners and users. 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.”
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