Temasek leads $70m Series C in fitness startup ClassPass

Photo: ClassPass website

New York-based fitness startup ClassPass has secured $70 million in a Series C funding round led by Singapore’s state investment fund Temasek Holdings.

Existing investors Acequia Capital, CRV, General Catalyst, GV, M13 and Thrive also participated in the round.

ClassPass, which provides subscription services for fitness classes and gyms, said it will use the funding in product innovation and to expand operations.

“We’re 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,” said Fritz Lanman, CEO, ClassPass.

With the latest round, ClassPass has now raised total funding exceeding $154 million, according to Crunchbase data.

The fitness startup claims to have witnessed over 35 million reservations to date and connected users to more than one million classes.

ClassPass, founded by Payal Kadakia, has faced its fair share of controversies over membership price hikes and discontinuation of its unlimited service. It seems to have made a fine recovery since then, doubling its member base in the last one year, and starting off 2017 with its strongest usage and acquisition quarter to date.

“With this new round of funding, our potential is endless as we reinvest in our core product and continue to further innovate on how we motivate people to be active,” said Kadakia, now the executive chairman of ClassPass.

The founder in March stepped down as chief executive of the startup, allowing Lanman, who has led ClassPass’s seed and Series A round, to take on the day-to-day operations.

Also Read:

KFit raises seed funding of single-digit $m from 500 Startups, others

Temasek Holdings acquires significant stake in Intapp

Temasek Foundation to put in $4.2m to improve Singapore’s liveability