Brief: Temasek leads $70m investment in gym subs service ClassPass

Photo credit: ClassPass.

The news:

• New York-based startup ClassPass has just closed a series C round worth US$70 million.
• The round was led by Singapore state fund Temasek Holdings. Existing investors in the gym class subscription service, including Acequia Capital, General Catalyst, and Thrive, also participated on this occasion.

Why it matters:

• ClassPass has travelled a rocky road prior to closing its series C. The company struggled to make an impact during its first two years, before adopting its current subscription model. It courted controversy with unpopular price hikes, and co-founder Payal Kadakia stepped aside as CEO in March this year. However, ClassPass has also managed to double its user base in the past year, and has handled around 35 million reservations to date.
• Temasek is an increasingly visible player on the global VC scene. It manages a portfolio worth over US$180 billion, mainly concentrated in Asia. It was recently revealed as an early backer of Snapchat owner Snap.

Source: TechCrunch.