GV, the corporate venturing unit formerly known as Google Ventures, took part in a $70m series C round for US-based fitness membership service ClassPass on Friday.
Singaporean state-owned investment firm Temasek led the round, which included brand development and investment firm M13, Acequia Capital, CRV, General Catalyst and Thrive Capital.
Founded in 2013, ClassPass runs a subscription-based service that gives users access to a range of fitness classes and groups, spanning areas such as gyms, running, swimming, yoga, cycling and dance.
The company has a global network of about 8,500 partners across 39 cities and claims it has doubled its membership base in the past year. The funding will support growth, as ClassPass expands into new markets and looks to enhance its platform.
ClassPass CEO Fritz Lanman said: “I am 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 are focused on improving our customer and partner experiences while expanding into new fitness categories and audiences.”
“We are 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.”
The round brought the company’s total funding to approximately $154m, and came after it raised $30m in a round that included GV, a subsidiary of internet and technology conglomerate Alphabet, in late 2015.
Although the series C valuation of ClassPass has not been disclosed, the Wall Street Journal reported, citing PitchBook estimates, that the price per share was lower than in its last round. Founder and former CEO Payal Kadakia claimed in May 2015 the company was valued at $400m.