Total amount raised
$549.2 Millions
Latest funding date
1/1/2020
Location
ClassPass has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The platform offers a versatile app that provides access to thousands of gyms, fitness studios, salons, and spas worldwide.
Keep reading to explore the intricacies of ClassPass's fundraising journey and the investors backing this innovative platform.
What Is ClassPass?
ClassPass, founded in 2011 in New York, New York, is a membership program that offers access to a wide range of fitness classes and wellness appointments. The company was established by Mary Biggins, Payal Kadakia, and Sanjiv Sanghavi.
ClassPass connects members to various classes, including yoga, cycling, Pilates, and more, using a credit-based system. It also provides a platform for businesses to list their services and reach new customers.
With a team of 501-1000 employees, ClassPass leverages machine learning to recommend classes and helps studios manage their excess inventory and generate new revenue streams.
How Much Funding Has ClassPass Raised?
- Pre-Seed Round
- Amount Raised: $125K
- Date: July 2011
- Lead Investors: Emergent Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and validate the business model.
- Seed Round
- Amount Raised: $118K
- Date: March 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and begin market testing.
- Seed Round
- Amount Raised: $4M
- Date: March 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's reach and increase user acquisition.
- Series A
- Amount Raised: $12M
- Date: September 2014
- Lead Investors: Acequia Capital (AceCap), Fritz Lanman, Hank Vigil
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's features.
- Series B
- Amount Raised: $40M
- Date: January 2015
- Lead Investors: General Catalyst, Thrive Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new markets and increase marketing efforts.
- Venture Round
- Amount Raised: $30M
- Date: November 2015
- Lead Investors: Google Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and enhance technological capabilities.
- Series C
- Amount Raised: $70M
- Date: June 2017
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand internationally and develop new product features.
- Venture Round
- Amount Raised: $23M
- Date: September 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and enhance user experience.
- Series D
- Amount Raised: $85M
- Date: July 2018
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support further international expansion and technological advancements.
- Series E
- Amount Raised: $285M
- Date: January 2020
- Lead Investors: Apax Digital, L Catterton
- Valuation at Round: $1 billion
- Motivation Behind the Round: To accelerate international growth and scale the corporate wellness program.
Total Amount Raised: $674.243M. Current Valuation: $1 billion.
Key Investors
- Temasek Holdings
- Details: Temasek Holdings is a global investment company headquartered in Singapore. It has a net portfolio value of US $231 billion as of March 31, 2019.
- Investment Focus Areas: Financial services, telecommunications, media & technology, transportation & industrials, consumer & real estate, life sciences & agribusiness, energy & resources.
- Notable Investments: Alibaba, Airbnb, Dell.
- Apax Digital
- Details: Apax Digital is the growth equity arm of Apax Partners, focusing on technology and internet companies. It specializes in growth equity and buyout investments in high-growth enterprise software, consumer internet, and technology-enabled services companies.
- Investment Focus Areas: Technology, internet companies, consumer subscription businesses.
- Notable Investments: Paycor, Signavio, Wizeline.
- L Catterton
- Details: L Catterton is the largest consumer-focused private equity firm in the world. It was formed through the partnership of Catterton, LVMH, and Groupe Arnault.
- Investment Focus Areas: Consumer brands, fitness and wellness, lifestyle sectors.
- Notable Investments: Peloton, Equinox, Pure Barre.
- Google Ventures
- Details: Google Ventures, also known as GV, is the venture capital investment arm of Alphabet Inc. It provides seed, venture, and growth-stage funding to technology companies.
- Investment Focus Areas: Technology, life sciences, consumer products, and services.
- Notable Investments: Uber, Slack, Nest.
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in early-stage and growth-stage companies. It has a strong focus on technology and innovation.
- Investment Focus Areas: Technology, healthcare, consumer, and financial services.
- Notable Investments: Airbnb, Stripe, Snap.
What's Next for ClassPass?
ClassPass stands at the cusp of significant opportunities, with plans to expand into new geographic markets, particularly in Europe and South America. The company aims to scale its corporate wellness program globally, leveraging its partnerships with over 1,000 leading employers. Additionally, ClassPass is set to enhance its proprietary reservation and booking technology, which could further solidify its market position.
Future fundraising opportunities appear promising, given the company's aggressive growth plans and the substantial interest from investors. Additional funding rounds could support further expansion and technological advancements, ensuring ClassPass remains competitive in a rapidly evolving industry.
However, challenges lie ahead. Managing rapid international expansion while maintaining consistent service quality will be crucial. The company must also navigate competition from other fitness and wellness platforms and adapt to varying market dynamics and regulatory environments in new countries. Despite these hurdles, ClassPass's strategic vision and robust investor backing position it well for continued success.
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