Focusing on expansion, ClassPass has raised $85 million in the latest funding round. ClassPass aims to expand to 10 new American cities and 20 new countries by the end of 2019. The funds were raised in series D venture capital financing that was led by Singapore-based investment company Temasek, with participation from Connecticut-based private equity firm L Catterton’s Growth Fund, according to a July 25 media release. Michael Farello, managing partner of L Catterton, will also join the board of directors of ClassPass.
According to ClassPass CEO Fritz Lanman’s press release :
“Having our Series C lead investor Temasek double down and lead our Series D is a major vote of confidence in our business and a reflection of the successful evolution to the credits model we made this year.”
“Temasek has been a supportive shareholder, and their continued engagement will be especially helpful as we launch ClassPass throughout Southeast Asia. Additionally, having L Catterton, one of the top investors in the fitness category, invest and join our board validates how complementary our new model is for partners. As we continue to rapidly expand, we look forward to working with Temasek and L Catterton to solidifying ClassPass’ leadership position in the fitness industry worldwide.”
ClassPass was founded by Payal Kadakia which currently has 10,000 partners in 50 cities worldwide.
According to Payal Kadakia, ClassPass founder:
“We’ve had tremendous success creating the category and becoming the leading fitness subscription in the U.S., but our ambitions have always been more lofty than geographic constraints. This latest round of funding helps bring our vision to reality as we more firmly establish ourselves as a global brand.”
Farello also said in a media statement:
“Fitness has become more personalized, and ClassPass represents an opportunity to invest behind a market leader that is well positioned for growth. With our deep knowledge of consumer behavior and significant experience in the fitness industry, we look forward to working with the outstanding ClassPass team to bring ClassPass to more customers in existing and new markets around the world.”
Headquartered in the US, ClassPAss offers online subscription service that provides access to fitness classes, including cycling, Pilates, yoga, strength training, dance, martial arts. ClassPass was formerly known as Classtivity Inc.
Temasek Holdings is a state-owned holding company that can be characterized as a National Wealth Fund owned by the Government of Singapore. Incorporated in 1974, Temasek owns and manages a net portfolio of $180 billion (as of 31 March 2016), mainly in Singapore and Asia.
It is an active shareholder and investor, and its portfolio covers a broad spectrum of sectors including financial services, telecommunications, media and technology, transportation and industrial, life sciences, consumer, real estate, as well as energy and resources. Temasek has a multinational team of over 580 people, in 11 offices globally including Singapore, New York, San Francisco, São Paulo, Mexico City, London, Beijing, Shanghai, Mumbai, Chennai and Hanoi.
About L Catterton
Founded in 1989, L Catterton , formerly known as Catterton Partners Corporation, is a private equity and venture capital firm specializing in financing acquisitions, late stage, mature, management buyouts, recapitalizations, turnarounds, and growth capital in middle market companies. Headquartered in the Us, L Catterton prefers to invest in consumer industry with a focus on food and beverages; retail and restaurants (including mass merchant retail); consumer products and services (including branded consumables and luxury/apparel); consumer health; beauty and wellness; fashion and accessories; real estate; and media and marketing services.