ClassPass, a fitness-driven global fitness network, announced today it has secured US$85 million in Series D financing round led by Singapore-based Temasek Holdings, with participation from the Growth Fund of L Catterton, a global consumer-focused VC and private equity firm based in the US.
This takes New York-headquartered ClassPass’s total funding raised so far to US$255 million.
The new funds will be channelised towards ClassPass’s domestic and international expansion, including Asia.
“Temasek has been a supportive shareholder, and their continued engagement will be especially helpful as we launch ClassPass throughout Southeast Asia, beginning with our upcoming Singapore launch,” said Fritz Lanman, ClassPass CEO. “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’s leadership position in the fitness industry worldwide.”
Founded in 2013, ClassPass is a membership-driven fitness network. With over 10,000 partners in 50 cities worldwide, ClassPass connects members to a variety of fitness experiences, including yoga, cycling, pilates, barre, running, strength training, dance, sports, and videos. It leverages proprietary technology to merchandise and surface over a million fitness classes.
ClassPass recently transitioned from a fixed class model to a dynamically-priced credits-based model in order to maximise membership benefits and optionality.
In the past year, ClassPass has been laser-focused on growing its total addressable market geographically and through new product offerings. After launching 10 new domestic cities in the US last fall, the company has now shifted its focus to launching more than 20 new countries internationally and another 10 cities domestically by the end of 2019, while doubling-down on the density of studio offerings in its existing markets.
This round of funding will help accelerate those timelines and operations. Singapore is set to become the first Asia market for ClassPass, with a launch planned in the lead-up to the National Day.
“Fitness has become more personalised, and ClassPass represents an opportunity to invest behind a market leader that is well positioned for growth. With our deep knowledge of consumer behaviour 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,” said L Catterton Growth Fund’s Co-Managing Partner Michael Farello, who will be joining the ClassPass Board.