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UNITING THE WORLD OF FITNESS
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Health Club Management

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News

ClassPass raises US$285m to accelerate growth – firm now valued at US$1bn

This investment is a significant milestone for us
– Payal Kadakia

Fitness subscription platform ClassPass has secured US$285m worth of investment, which it looks to use to further expand its global reach.

The Series E investment package was led by L Catterton and Apax Digital, with additional participation by existing investor Temasek.

As part of the investment, Marc Magliacano, managing partner at L Catterton’s Flagship Fund, and Daniel O’Keefe, managing partner at Apax Digital, will join the ClassPass board of directors.

In a statement, ClassPass said the investment will enable it to "rapidly scale" its proprietary reservation and booking technology.

The funding follows a period of growth for the company. It has expanded its presence into 28 countries, while also signing up more than 1,000 employers into its corporate wellness programme.

Launched in 2013, ClassPass has made a name for itself by helping boutique studios and gyms fill empty slots in classes and currently partners with more than 30,000 boutique studios, gyms and wellness providers.

The latest funding means that the firm is now valued at around US$1bn.

"This investment is a significant milestone that will further our mission to help people stay active and spend their time meaningfully,” said founder and executive chair Payal Kadakia.

Fritz Lanman, ClassPass CEO, added: "This funding is a reflection of our sustained success in the US and our rapid adoption internationally.

"In 18 months, we’ve scaled from four to 28 countries and our goal is to be the brand of choice and 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. Additionally, I am thrilled to welcome two new board members with incredible domain expertise in digital subscription businesses and the fitness industry more broadly.”

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News

ClassPass raises US$285m to accelerate growth – firm now valued at US$1bn

This investment is a significant milestone for us
– Payal Kadakia

Fitness subscription platform ClassPass has secured US$285m worth of investment, which it looks to use to further expand its global reach.

The Series E investment package was led by L Catterton and Apax Digital, with additional participation by existing investor Temasek.

As part of the investment, Marc Magliacano, managing partner at L Catterton’s Flagship Fund, and Daniel O’Keefe, managing partner at Apax Digital, will join the ClassPass board of directors.

In a statement, ClassPass said the investment will enable it to "rapidly scale" its proprietary reservation and booking technology.

The funding follows a period of growth for the company. It has expanded its presence into 28 countries, while also signing up more than 1,000 employers into its corporate wellness programme.

Launched in 2013, ClassPass has made a name for itself by helping boutique studios and gyms fill empty slots in classes and currently partners with more than 30,000 boutique studios, gyms and wellness providers.

The latest funding means that the firm is now valued at around US$1bn.

"This investment is a significant milestone that will further our mission to help people stay active and spend their time meaningfully,” said founder and executive chair Payal Kadakia.

Fritz Lanman, ClassPass CEO, added: "This funding is a reflection of our sustained success in the US and our rapid adoption internationally.

"In 18 months, we’ve scaled from four to 28 countries and our goal is to be the brand of choice and 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. Additionally, I am thrilled to welcome two new board members with incredible domain expertise in digital subscription businesses and the fitness industry more broadly.”

Sign up for FREE ezines & magazines
Related news

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News

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Global Wellness Summit
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Alliance Leisure
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1 - 15 of 11,215
Features
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We talk to two high-end operators who've established a valuable USP by offering EMS training
Features
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Features
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People
We’re proud to be opening our first EMF Junior gym in the coming weeks, designed for children aged one- to 14-years-old
People
people can leave their desks whenever they choose to have a workout. They won’t be judged for staying too long or going too often.
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In 2005, we travelLed to Germany and came across McFit, which offered memberships at €19 a month. It spooked us. We realised that it would only be a matter of time until a budget operator would find its way to Finland”
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HCM people

Rachael Blumberg

Platefit: creator and founder
People know yoga, Pilates, HIIT and Barry’s Bootcamp, but many don’t know vibration training and it’s my intention, passion and purpose to make it available and bring it to the world
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SC Fitness, Portugal: head of customer experience
People often assume that those who pay more stay longer, but we don’t see this. What we see is that if you have PT you stay longer because you use more, not because you pay more
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people are together on the climbing walls, cheering each other on, coaching each other, interacting, laughing and enjoying each other’s company. It’s a completely different environment from anything I’ve ever seen
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Job search
POST YOUR JOB
Featured supplier news
Featured supplier: WEXO: The definitive cross training solution
A new cross training concept has arrived, offering weightlifting, athletic, metabolic, and functional exercises in a circuit format.
Featured supplier news
Featured supplier: Incorpore: Creating a fitter, happier and more productive workforce
Inactivity is described by The Department of Health as the ‘silent killer’ of our generation.
Video Gallery
How to use the MZ-Bodyscan
MyZone
The Best Product for the Best Clubs Read more
More videos:
Company profiles
Company profile: Harlands Group
Harlands Group is the leading provider of membership management services to leisure operators, processing over ...
Company profiles
Company profile: Octane Fitness
A global innovator of high-performance fitness equipment, Octane Fitness, a Nautilus, Inc. brand, continually redefines ...
Catalogue Gallery
Click on a catalogue to view it online
Directory
Independent service & maintenance
Servicesport UK Limited: Independent service & maintenance
Professional services
Deloitte UK: Professional services
Lockers/interior design
Fitlockers: Lockers/interior design
Whole body cryotherapy
Zimmer MedizinSysteme GmbH / icelab: Whole body cryotherapy
Exercise equipment
Matrix Fitness: Exercise equipment
Locking solutions
Monster Padlocks: Locking solutions
Trade associations
International SPA Association - iSPA: Trade associations
Skincare
Comfort Zone - Davines S.p.A: Skincare
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Fitness software
Go Do.Fitness: Fitness software
Property & Tenders
Derby City Council
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Diary dates
21-23 Jan 2020
Harrogate Convention Centre, Harrogate, United Kingdom
Diary dates
28-30 Jan 2020
Ericsson Exhibition Hall, Ricoh Arena, Coventry, United Kingdom
Diary dates
29-30 Jan 2020
Holiday Inn San Francisco-Golden Gateway, San Francisco, United States
Diary dates
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The Old Truman Brewery, London, United Kingdom
Diary dates
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Diary dates
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Eastwood Hall, Nottingham, United Kingdom
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Diary dates
19-24 Apr 2020
tbc, Beijing, China
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Marriott Forest of Arden Hotel & Country Club, Birmingham, United Kingdom
Diary dates
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tbc, Pinggu, China
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Worldwide, Various,
Diary dates
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ExCeL London, London, United Kingdom
Diary dates
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Loews Coronado Bay Resort, Coronado, United States
Diary dates
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