New York-based ClassPass, a virtual fitness membership network, has raised $70 million in Series C funding in a round led by Temasek. Existing investors Acequia Capital, CRV, General Catalyst, GV, M13 and Thrive also contributed to the funding, which ClassPass will use to expand operations and develop new products.
ClassPass, which was founded in 2013, uses an app to connect users to fitness classes across 39 cities worldwide. Unlike a traditional gym or fitness boutique membership – which only allows members to work out at that particular gym – ClassPass’s membership connects users to all 8,500- participating fitness organizations and allows them to book classes wherever they are.
According to the company’s stats, the model seems to have struck a chord with people: ClassPass lists some 35 million bookings have been made on the platform, and says it's doubled its member base in the past year. Additionally, the company has hired virtual marketplace veterans from the likes of Amazon, Expedia, Priceline and Microsoft to join their executive and board appointments.
“The acceleration we’ve seen this year is validation that our new plan offerings and recently rolled out product features have incredible traction and engagement,” said ClassPass founder and Executive Chairman Payal Kadakia said in a statement. “With this new round of funding, our potential is endless as we reinvest in our core product and continue to further innovate on how we motivate people to be active.”
The company has also recently invested in features to bring more people to the platform – and to keep them coming back – including a social network, on-demand video, and giving users the option to return to their favorite studios more often.
“I’m looking forward to using this new injection of funds to build on our momentum and to further deepen the technical sophistication of our platform. This year we’re focused on improving our customer and partner experiences while expanding into new fitness categories and audiences,” ClassPass CEO Fritz Lanman said in a statement. “We’re aiming to become the ultimate destination for all things fitness, and this financing will allow us to accelerate our investments in market expansion and product innovation while better curating customer recommendations and increasing partner revenue.”