- Fitness subscription service ClassPass is reportedly planning to raise $285 million in a funding round at a valuation of over $1 billion
New York-based fitness subscription service ClassPass is reportedly planning to raise $285 million in a round of funding that would value the company at more than $1 billion. ClassPass is planning to issue 22.7 million in Series E shares as part of the funding round, according to a securities filing obtained by Reuters.
Currently, ClassPass sells monthly subscription plans to over 30,000 gyms and fitness studios all over the world. And the company is partnered with major corporations like Google, Facebook, and Morgan Stanley for corporate wellness perks.
According to Prime Unicorn Index (primeunicornindex.com), ClassPass has a current valuation of about $536.4 million. The last time ClassPass raised funding was in July 2018. The Series D round was $85 million and the round was led by Temasek (a holding company owned by the Government of Singapore). The Series E shares will be valued at $12.58 per share, which would be an increase of 18%.
Payal Kadakia Pujji founded ClassPass in 2013 after she found it to be difficult to find a dance class in New York. Before launching ClassPass, Payal was an associate director at Warner Music Group and a senior associate consultant at Bain & Company. Now Payal is the executive chairwoman of the company.
In 2017, Payal stepped down from the CEO role and Fritz Lanman replaced her in that position. Lanman is the former executive chairman and co-operator of the company.