NEWS
New-York based Fitness Startup Classpass announced of being a prestigious unicorn having $285 million of funding, transcending the newbie to a Billion-Dollar valuation.
IT was the funding of a private equity firm L Catterton and growth equity fund Apax Digital which has catapulted the Start-up into a Billion Dollar valuation companies’ pool.
Operating in 28 different countries, Classpass offers its client with access to the largest global network of fitness activities.
Founder and executive chairman Payal Kadakia said: “We are motivated by the impact we’ve had on members and partners, including 100m hours of workouts that have already been booked.
“This investment is a significant milestone that will further our mission to help people stay active and spend their time meaningfully.”
The Startup Classpass was incepted in 2013 that works more than 30,000 studios and gyms across the world. In the last 18 months, the startup firm has scaled its overseas operations from four to 28 countries.
Chief executive Fritz Lahman said that the successful fundraise was “a reflection of our proven and sustained success in the U.S. and our rapid adoption internationally.”
He added: “Our goal is to be the brand of choice and the clear leader in every country we enter. This investment will allow us to expand more rapidly within existing geographies, add more countries to our network, and scale our corporate program globally.”
As part of the investment, Marc Magliacano, managing partner at L Catterton, and Daniel O’Keefe, managing partner at Apax Digital, will join Classpass’ board.
L Catterton has an extensive track record of working with fitness brands, including fellow unicorn Peloton.
pax Digital specializes in the scaling of consumer subscription businesses. O’Keefe said that its investment in Classpass was its tenth into a firm of this nature.
Read more: Peloton’s sexist advert was so bad it sent shares crashing
He added: “We’ve known the company since its early days and have been continually impressed by its global brand, attractive customer and studio value propositions, and history of explosive growth.”
Existing investor Temasek also supported the funding round.
In the UK, Classpass operates in London, Brighton, Bristol, Manchester, Edinburgh and Dublin.
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