Update [26 July 2018]:
ClassPass announced raising $85 million in a Series D financing round led by Temasek Holdings.
L Catterton’s Growth Fund had participated in this round, as well.
This brings their total funding to $255 million and they will be adding Michael Farello of L Catterton to the board.
“Temasek has been a supportive shareholder, and their continued engagement will be especially helpful as we launch ClassPass throughout Southeast Asia, beginning with our upcoming Singapore launch.” said Fritz Lanman, ClassPass CEO.
“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.”
The fitness company has added 10 new domestic cities in the U.S. last year, and are now focusing on expanding to 10 more cities domestically and 20 countries internationally by the end of 2019.
Singapore will be the first Asia market for ClassPass to be present in as they are planning to launch in the lead-up to National Day.
They will also be working on increasing the number of studio offerings in its existing markets.
Funds raised in this round will be used to expedite their expansion plans and operations.
ClassPass aims to become the largest fitness aggregator in the world.
Payal Kadakia, ClassPass Founder, said, “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,” she added.
The fitness aggregator recently shifted from a fixed class model to a dynamically priced credits-based model to “maximise member benefits and optionality”.
They believe the changes will make their membership programme be more effective for more people, which will drive more revenue to partners and grow the company in a sustainable way.
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In a statement released today (17 July), ClassPass, a US-based fitness membership startup is set to launch in Singapore by National Day, August 9.
Singapore is their first stop in the Asian leg of their global expansion.
ClassPass lets users book fitness classes via the app in different gyms and studios with a monthly set fee.
Users in Singapore can expect a diversity of fitness experiences including yoga, cycling, Pilates, barre, running, strength training, dance, sports and more.
The service is currently present in the U.S., the U.K., Australia, and Canada.
Singapore’s Temasek Holdings was reported to have led ClassPass’ Series C funding round in 2017, which closed at US$70 million.
According to ClassPass, they have raised USD$173 million in funding to date.
Since their inception in 2013, they are working with over 10,000 studios, gyms, and wellness partners, and has made over 55 million reservations across its markets.
“Wellness in Singapore is truly vibrant and thriving. To stay in peak form in such a fast-paced society, Singaporeans are increasingly prioritizing health and fitness, while also valuing the convenience that technology like ClassPass enables,” said Fritz Lanman, ClassPass CEO.
“With growing consumer awareness driving demand, and more premium international fitness brands and boutique studios in our network continuing to set up here, we’re honing in on Singapore as a springboard into Asia.”
The startup has also launched ClassPass Live for users who prefer to work out in the comfort of their home. Users can either work out with their scheduled livestreams or do them at your own time, on-demand.
According to Techcrunch, ClassPass “was the first to pioneer the fitness subscription model” and noted that its Asian rivals, namely Singapore’s GuavaPass and Malaysia-based KFit, are also riding the fitness subscription service wave.
As part of its promotions leading up to National Day in Singapore, the fitness subscription service is offering a free month of unlimited classes for a limited time for online registrants.
Featured Image Credit: Business Insider UK
