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.