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ClassPass raises US$285m to accelerate growth – firm now valued at US$1bn
09 Jan 2020 . BY Tom Walker
The funding follows a period of growth for the company, as it has expanded its presence into 28 countries
This investment is a significant milestone for us
– Payal Kadakia
Fitness subscription platform ClassPass has secured US$285m worth of investment, which it looks to use to further expand its global reach.

The Series E investment package was led by L Catterton and Apax Digital, with additional participation by existing investor Temasek.

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.

In a statement, ClassPass said the investment will enable it to "rapidly scale" its proprietary reservation and booking technology.

The funding follows a period of growth for the company. It has expanded its presence into 28 countries, while also signing up more than 1,000 employers into its corporate wellness programme.

Launched in 2013, ClassPass has made a name for itself by helping boutique studios and gyms fill empty slots in classes and currently partners with more than 30,000 boutique studios, gyms and wellness providers.

The latest funding means that the firm is now valued at around US$1bn.

"This investment is a significant milestone that will further our mission to help people stay active and spend their time meaningfully,” said founder and executive chair Payal Kadakia.

Fritz Lanman, ClassPass CEO, added: "This funding is a reflection of our sustained success in the US and our rapid adoption internationally.

"In 18 months, we’ve scaled from four to 28 countries and 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. Additionally, I am thrilled to welcome two new board members with incredible domain expertise in digital subscription businesses and the fitness industry more broadly.”
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Jobs   News   Products   Magazine
PRODUCT NEWS
ClassPass raises US$285m to accelerate growth – firm now valued at US$1bn
09 Jan 2020 . BY Tom Walker
The funding follows a period of growth for the company, as it has expanded its presence into 28 countries
This investment is a significant milestone for us
– Payal Kadakia
Fitness subscription platform ClassPass has secured US$285m worth of investment, which it looks to use to further expand its global reach.

The Series E investment package was led by L Catterton and Apax Digital, with additional participation by existing investor Temasek.

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.

In a statement, ClassPass said the investment will enable it to "rapidly scale" its proprietary reservation and booking technology.

The funding follows a period of growth for the company. It has expanded its presence into 28 countries, while also signing up more than 1,000 employers into its corporate wellness programme.

Launched in 2013, ClassPass has made a name for itself by helping boutique studios and gyms fill empty slots in classes and currently partners with more than 30,000 boutique studios, gyms and wellness providers.

The latest funding means that the firm is now valued at around US$1bn.

"This investment is a significant milestone that will further our mission to help people stay active and spend their time meaningfully,” said founder and executive chair Payal Kadakia.

Fritz Lanman, ClassPass CEO, added: "This funding is a reflection of our sustained success in the US and our rapid adoption internationally.

"In 18 months, we’ve scaled from four to 28 countries and 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. Additionally, I am thrilled to welcome two new board members with incredible domain expertise in digital subscription businesses and the fitness industry more broadly.”
PRODUCT NEWS
Fisikal chosen as tech partner for ‘JP4’; new health app from fitness expert, Jessie Pavelka
Fitness expert and television host, Jessie Pavelka has collaborated with Fisikal, experts in digital management solutions, to create the new JP4 app, a premium 12-week personal health and fitness transformation programme that takes the user on a journey of change through four key elements of health.
Let's get restarted: Physical Company offers advice on keeping gym members safe
As countries around the world gear up to relax their lockdown rules, there remains a question mark over gyms and studios, which in many markets will be one of the last sectors to be given the green light.
myFitApp launches branded live-streaming as part of its COVID-19 support package
Innovatise, the company behind myFitApp, has announced the immediate availability of its customer- branded live-streaming solution.
EGYM presents Corona Gym Solution, for the successful re-opening of fitness studios
Finally, the time has come: fitness and health facilities around the globe are gradually resuming operations.
Bicester hotel opens purpose-built performance facilities to attract new target audience
The Bicester Hotel and Spa has launched purpose-built fitness and performance facilities to create a standalone, unique offering to attract a new demographic to the site.
EGYM launches digital functionality to help gyms adjust to a post lockdown world
As Governments turn attention to a lockdown exit strategy, the world is bracing itself for a ‘new norm’ where social distancing and heightened hygiene requirements become a part of daily life.
Adidas calls on BLK BOX for flooring solutions at new World of Sports complex
Adidas believes that creators, just like athletes, need an environment that inspires their employees to perform and believe that through sport, we have the power to change lives.
Gympass partners with Wexer to launch on-demand workouts for operators
Gympass has launched Gympass Plus - including an on-demand platform powered by Wexer - for its 2,200+ operator partners. The platform comprises more than 500 workouts from 18 content providers including Zumba and Gaiam.
What’s your Covid-19 exit strategy? How will you use this time to relaunch your business to thrive, not just survive
There is no escaping the fact that we are operating in extraordinary times. Our physical health clubs, gyms and studios are closed and we’re trying to keep our membership engaged, fit and healthy via online and digital training.
Incorpore and MoveGB ink groundbreaking partnership to transform corporate wellness offering
Incorpore and MoveGB have entered into a landmark partnership, combining the UK’s largest provider of corporate gym memberships with the nation’s biggest network of classes.
fibodo launches Fit 4 the Fight initiative to keep people active in the wake of the coronavirus
fibodo, a booking management platform for the fitness industry, has launched Fit 4 the Fight, a new initiative encouraging members of the public to keep active, as well as keep personal trainers and fitness operators working in the wake of the coronavirus.
Crown collaborates on £2m luxury spa at Torbay’s Lincombe Hall hotel
Boutique AA 4-star destination Lincombe Hall Hotel, Torquay, has expanded its leisure provision by unveiling a £2m designated luxury spa.
+ More products   
 
COMPANY PROFILES
Physical Company Ltd

Physical Company supply over 1,900 product lines including some of the most pioneering pieces of k [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

VIDEO GALLERY

Technogym mywellness app
Improve your training experience. All your data in a single app. Find out more...
+ More videos  

DIRECTORY
+ More directory  
DIARY

 

10-11 Jul 2020

IFBA Live

The Slate at Warwick Conferences, Coventry, United Kingdom
16-17 Jul 2020

APSWC Round Table 2020

Naman Resort, Da Nang, Vietnam
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2020

ABOUT LEISURE MEDIA
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