19 Jun, 2017, 10:37 ET
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.
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.
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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