ClassPass raises US$285m in Series E funding

FITNESS marketplace startup ClassPass has raised US$285 million in its Series E investment round, led by private equity firm L Catterton and Apax Digital, with additional participation by existing investor Temasek.

The funds will help the firm "continue rapidly scaling its proprietary reservation and booking technology across the globe", said ClassPass at the close of the round on Jan 8.

Said chief executive officer Fritz Lanman: "This investment will allow us to expand more rapidly within existing geographies, add more countries to our network, and scale our corporate programme globally."

ClassPass has more than 30,000 partners in 28 countries, and has signed more than 1,000 employers into its corporate wellness programme.

As part of the investment, L Catterton's flagship fund managing partner Marc Magliacano and Apax Digital managing partner Daniel O'Keefe will join the ClassPass board of directors.

L Catterton has worked with leading fitness brands, while Apax has experience helping digital marketplace and consumer subscription businesses scale globally.

"As an investor in a number of highly respected studio and fitness club brands, we have seen firsthand how ClassPass providers and members mutually benefit from the ClassPass relationship," said Mr Magliacano. He noted that the ClassPass credits model and AI tools give flexibility to partner studios in monetising excess inventory, "and generate more revenue for studios than any other aggregator".