NEW YORK, June 19, 2017 /PRNewswire/ -- ClassPass, the
leading membership to the world's largest fitness network, today
announced its largest funding to date, raising $70 million in a Series C round of financing led
by Temasek, along with current ClassPass investors Acequia Capital,
CRV, General Catalyst, GV, M13 and Thrive. ClassPass will use
the financing to fuel growth, invest in product innovation and
expand operations.
"I'm looking forward to using this new injection of funds to
build on our momentum and to further deepen the technical
sophistication of our platform. This year we're focused on
improving our customer and partner experiences while expanding into
new fitness categories and audiences," said Fritz Lanman, CEO of ClassPass. "We're
aiming to become the ultimate destination for all things fitness,
and this financing will allow us to accelerate our investments in
market expansion and product innovation while better curating
customer recommendations and increasing partner revenue."
ClassPass has doubled its member base in the past year, starting
off 2017 with the strongest usage and acquisition quarter to date.
Through its rapid growth, the company has also made key
executive and board appointments with pedigrees from world-class
marketplace companies such as Amazon, Expedia, Priceline, Porch and
Microsoft.
"The acceleration we've seen this year is validation that our
new plan offerings and recently rolled out product features have
incredible traction and engagement," said Payal Kadakia, Founder and Executive Chairman.
"With this new round of funding, our potential is endless as
we reinvest in our core product and continue to further innovate on
how we motivate people to be active."
"Group fitness has become a social phenomenon in the U.S. and
increasingly internationally as well. ClassPass has emerged as the
leading platform connecting us to those experiences," said investor
Adam Valkin, managing director at General Catalyst. "This financing
round will enable us to expand our geographic footprint and widen
our product offering to meet the needs of even more fitness
enthusiasts."
With over 35 million reservations to date, ClassPass is
introducing new users to fitness by merchandising and surfacing
over one million classes available on the platform to the benefit
of both its members and partners. Based on evolving market trends
and opportunities, ClassPass is further investing in innovative
technology and infrastructure while expanding its total addressable
market. With the recent roll out of social features, video on
demand and the ability to return to favorite studios more often,
the company will continue to launch inspiring products,
doubling-down on sophisticated technology with the goal of
connecting members to a broader range of fitness activities that
align with their varied needs and goals.
About ClassPass
Founded in 2013, ClassPass is the leading membership to the world's
largest fitness network. With over 8,500 partners in 39 cities
worldwide, ClassPass connects members to a variety of fitness
experiences, including yoga, cycling, Pilates, barre, running,
strength training, dance, sports, videos and more. Recognized as
one of Forbes's Next Billion Dollar Startups, ClassPass leverages
proprietary technology to dynamically merchandise and surface over
a million fitness classes for a seamless booking experience that
facilitates discovery.
About Temasek
Incorporated in 1974, Temasek is an investment company
headquartered in Singapore.
Supported by 10 offices globally; including New York and San
Francisco in the U.S., London in Europe, Beijing in China, and Mumbai in India, Temasek owns a S$242 billion (US$180b) portfolio as at 31 March 2016, mainly in Singapore and Asia. Temasek's portfolio covers a broad
spectrum of industries: telecommunications, media & technology;
financial services; transportation & industrials; consumer
& real estate; life sciences & agriculture; as well as
energy & resources. Its investment activities are guided
by four investment themes and the long term trends they represent:
Transforming Economies; Growing Middle Income Populations;
Deepening Comparative Advantages; and Emerging Champions. Temasek's
current and prior investments in the U.S. include Airbnb,
Ancestry.com, Dell Technologies, Intapp, Internet Brands, Jasper,
Univar, Verily Life Sciences and Virtu Financial. For more
information, visit www.temasek.com.sg.
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SOURCE ClassPass