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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.