US-BASED fitness membership company ClassPass has raised US$85 million in Series D financing led by Temasek, with participation from the Growth Fund of private equity firm L Catterton.
Including the latest round of funding, ClassPass has raised a total of US$255 million and will add Michael Farello, co-managing partner of L Catterton Growth Fund, to its board.
The funds raised will be used to speed up its growth as it plans to expand its footprint both at home and overseas, it highlighted.
Fritz Lanman, chief executive officer of ClassPass, said: "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 South-east Asia, beginning with our upcoming Singapore launch."
Singapore is poised to become its first Asian market, with a launch planned in the lead-up to National Day.
Over the past year, ClassPass has been focused on growing through new markets and fresh product offerings. After launching in 10 new cities in the US in the second half of last year, the company is now looking to make its foray into over 20 countries as well as another 10 cities in the US by the end of 2019, while ramping up the number of studio offerings in its existing markets.
Mr Farello said: "Fitness has become more personalised, and ClassPass represents an opportunity to invest behind a market leader that is well positioned for growth. With our deep knowledge of consumer behaviour 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."