The American fitness aggregator ClassPass, which helps customers engage in a variety of sports, was valued at more than $ 1 billion during the new round of financing. This is the first “unicorn” in the new decade.
ClassPass, an American fitness aggregator, raised $ 285 million in E-series financing. During the round, the startup’s valuation exceeded $ 1 billion, TechCrunch writes citing the company’s statement. As noted by American Forbes columnist Yola Robert, this is the first technological “unicorn” in the new decade.
ClassPass was founded in 2013 and, taking into account the last round, raised almost $ 550 million. Startup offers subscribers by subscription access simultaneously to many classes in various fitness clubs, making a reservation via the app. Since 2017, the company also offers classes on credit using virtual currency.
Now ClassPass operates in 28 countries and offers subscribers over 5 million classes – a gym, yoga, Pilates, cycling, etc., as well as procedures such as massage, meditation and cryotherapy. ClassPass also works with employers to partner with Google, Morgan Stanley, and about 1,000 other companies. The startup itself employs 650 people.
According to the founder of ClassPass Payal Kadakiya, the company seeks to involve as many people as possible in an active lifestyle. At the same time, the startup wants to use its own tools to help develop the fitness industry. “We have never shied away and will never leave this goal, because we believe that time is our most valuable currency,” says Kadakiya, emphasizing that new investments will help to expand this experience and convey it to different people, regardless of where they live. “We want to help as many people as possible make this new decade a better one,” she said.
The last round of financing was led by investment companies L Catterton and Apax Digital, as well as the long-time investor ClassPass – Asian company Temasek. The startup is going to use the attracted investments to accelerate international expansion, especially in Europe, and expand corporate wellness programs.
The company announced large-scale financing in early January – just at a time when potential visitors to fitness clubs are thinking about starting a healthy lifestyle, says Robert. She also calls the “sign of changing times” that the first “unicorn” in the new decade was a startup founded by a woman with Indian roots.