ClassPass, the US-based fitness subscription service that counts internet technology group Alphabet as an investor, is looking to raise $285m in new funding, Reuters has reported, citing a securities filing.
The company intends to issue 22.7 million series E shares at a valuation of more than $1bn. It had received a total of $255m since being founded in 2013, as of its $85m series D round in July 2018.
ClassPass has built a mobile app that offers a subscription-based service that provides access to a wide range of gyms and studios covering areas like yoga or pilates. It also supplies yield optimisation tools for use by fitness centres.
Singaporean state-owned investment firm Temasek led the series D round, which also featured private equity firm L Catterton’s Growth Fund. It also led the company’s $70m series C round in early 2017, investing alongside Alphabet subsidiary GV, M13, Acequia Capital, CRV, General Catalyst and Thrive Capital.
GV had already contributed to a $30m round for ClassPass two years earlier. Its earlier funding was supplied by investors including General Catalyst, Thrive Capital and SV Angel.
