Global fitness and wellness marketplace ClassPass has announced the close of a $285 million Series E investment.
The round, which was led by L Catterton and Apax Digital, with additional participation by existing investor Temasek, follows the successful expansion by ClassPass into 28 countries and the signing of more than 1,000 leading employers into its corporate wellness program.
Founded in 2013, ClassPass pioneered the modern-day fitness and wellness marketplace. Today, ClassPass partners with more than 30,000 boutique studios, gyms and wellness providers, offering members access to the largest global network of wellness-inspired experiences.
The investment will enable ClassPass, which now has over 650 employees across five continents, to continue rapidly scaling its proprietary reservation and booking technology across the globe. ClassPass’s superior model and technology have made it the marketplace of choice for providers who leverage ClassPass’ advanced machine learning capabilities to maximise their revenue and optimise utilisation.
“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,” says Founder and Executive Chairman Payal Kadakia.
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.
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Fritz Lanman, ClassPass CEO added: “This fundraise is a reflection of our proven and sustained success in the U.S. and our rapid adoption internationally. In 18 months, we’ve scaled from 4 to 28 countries. Even in our recently launched European markets, our partners consistently call us their #1 driver of new customer reservations.”
“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.”
“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,” added Magliacano.
“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.”