ClassPass bulks up with $85M in new funding

by Liz Warren
July 25, 2018
image via classpass

You could say ClassPass is bulking.

The workout app just announced an $85 million Series D funding round nearly four months after adding credit packages to its product offerings. The round brings ClassPass’ total funding amount to $255 million.

“We’ve had tremendous success creating the category and becoming the leading fitness subscription in the U.S., but our ambitions have always been more lofty than geographic constraints,” founder Payal Kadakia said in a statement.

Our ambitions have always been more lofty than geographic constraints.”

Founded in 2013, ClassPass currently works with 10,000 partners in 50 cities worldwide. This latest investment could help it expand even further.

New York’s fitness and wellness industry is having a moment. Last month, Aaptiv, which produces audio-guided fitness classes, raised $22 million, and just a few weeks ago, mental health platform Spring Health raised $6 million.

These developments are part of a broader market trend. According to the Global Wellness Institute, wellness is a $3.7 trillion industry that’s showing no signs of slowing down.

“Recent years have been marked by global economic contraction and disruptive geopolitical events, but a ‘wellness economy’ just keeps rising, with an upward trajectory that seems unstoppable,” GWI Senior Research Fellow Ophelia Yeung said in a statement. “And we predict that consumers, governments and employers will continue to spend big on wellness.”

Temasek and the Growth Fund of L Catterton participated in the funding round. As part of the deal, Michael Farello of L Catteron will join ClassPass's board.

NYC startup guides

Best Companies to Work for in NYC
Best Software Engineer Jobs in NYC
Coolest Tech Offices in NYC
Best Sales Jobs in NYC
Best Benefits at NYC Tech Companies
Best Data Analyst & Data Science Jobs in NYC
Best Design Jobs in NYC
Best Marketing Jobs in NYC
Developer Jobs
View 881 jobs
Design + UX Jobs
View 210 jobs
Marketing Jobs
View 341 jobs
Product Jobs
View 239 jobs
Sales Jobs
View 524 jobs
Data Jobs
View 311 jobs