ClassPass, the US-based fitness services marketplace backed by internet and technology conglomerate Alphabet, completed a $285m series E round yesterday that valued it at $1bn according to multiple press reports.
Private equity firm L Catterton co-led the round with Apax Digital, the $1bn consumer internet and technology fund formed by private equity firm Apax Partners. They were joined by Singaporean government-owned investment firm Temasek.
Founded in 2013, ClassPass runs an online platform where users can subscribe in order to access and book classes at some 30,000 gyms, fitness studios and wellness providers.
The transaction comes in the wake of a significant growth spurt for the company, which has expanded from four countries to 28 in the past 18 months, and the series E proceeds will drive further international expansion.
Daniel O’Keefe, one of two managing partners at Apax Digital, is joining the company’s board of directors along with Marc Magliacano, managing partner at L Catterton’s Flagship Fund. Details of the round were first reported by Reuters last month.
Fritz Lanman, chief executive of ClassPass, said: “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.”
ClassPass has now received $540m in funding altogether. Its earlier funding came from General Catalyst, Thrive Capital, SV Angel and various angel investors, before it secured $30m in a 2015 round featuring GV, the Alphabet subsidiary then called Google Ventures.
Temasek led the company’s $70m series C round two years later, investing alongside GV, brand development and investment firm M13, General Catalyst, Thrive Capital, Acequia Capital and CRV. It added $85m from Temasek and L Catterton the following year.
