Fitness startup Classpass becomes a unicorn with $285m funding round
Fitness startup Classpass today announced the close of a $285m funding round, pushing its total value past $1bn.
The round, which was led by L Catterton and Apax Digital, means that the American company has joined the ranks of the so-called unicorns, startups which have raised more than $1bn in funding.
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Classpass, which operates in 28 countries, provides its clients with access to the largest global network of fitness activities.
Founder and executive chairman Payal Kadakia said: “We are motivated by the impact we’ve had on members and partners, including 100m 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.”
Classpass was founded in 2013 and currently works with over 30,000 studios and gyms. In the past 18 months the firm has scaled its operations from four to 28 countries.
Chief executive Fritz Lahman said that the successful fundraise was “a reflection of our proven and sustained success in the U.S. and our rapid adoption internationally.”
He added: “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 part of the investment, Marc Magliacano, managing partner at L Catterton, and Daniel O’Keefe, managing partner at Apax Digital, will join Classpass’ board.
L Catterton has an extensive track record of working with fitness brands, including fellow unicorn Peloton.
Apax Digital specialises in the scaling of consumer subscription businesses. O’Keefe said that its investment in Classpass was its tenth into a firm of this nature.
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He added: “We’ve known the company since its early days and have been continually impressed by its global brand, attractive customer and studio value propositions, and history of explosive growth.”
Existing investor Temasek also supported the funding round.
In the UK, Classpass operates in London, Brighton, Bristol, Manchester, Edinburgh and Dublin.