Temasek-backed ClassPass now a unicorn after raising $285m

Global fitness and wellness marketplace ClassPass said it has raised US$285 million in a series E round, which pushed its valuation to more than US$1 billion, sealing its unicorn status.

L Catterton and global fund Apax Digital led the round, which saw participation from existing investor Temasek.

Photo credit: ClassPass

The company plans to use the new capital to continue scaling its corporate program globally, which has seen more than 1,000 new sign-ups from leading employers. It also seeks to expand more rapidly within its existing markets and add more countries to its network.

CEO Fritz Lanman said it has expanded from being active in four countries to having a footprint in 28 in the last 18 months.

In January 2019, ClassPass further expanded into Singapore by acquiring GuavaPass for an undisclosed amount, after first entering the city-state in August 2018.

As part of the deal, ClassPass took over GuavaPass’ operations in the Lion City, as well as in Abu Dhabi, Bangkok, Beijing, Dubai, Hong Kong, Jakarta, Kuala Lumpur, Manila, Mumbai, and Shanghai.

Since being founded in 2013, the US-based fitness app said it now has more than 30,000 boutique studios, gyms, and wellness providers offering their services on its platform, which uses machine learning to provide catered recommendations. In addition to workouts, the company’s marketplace also features experiences such as massages, acupuncture, and spa treatments.

“Our goal is to be the brand of choice and clear leader in every country we enter,” Lanman said.

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