Fitness subscription service ClassPass has secured about $35 million of a new round that’s likely to exceed $50 million, per a Fortune report. Temasek and M13 are said to be leading the round for the startup, which allows members to attend a variety of fitness classes at boutique studios and gyms. ClassPass reached a valuation of $400 million in 2015 with a $30 million round led by GV and will be worth about $435 million with the fresh funding.
ClassPass
ClassPass has gone through a number of changes since it launched out of Techstars in 2012. Last year, the company hiked the price of its unlimited membership significantly—from $125 per month to a reported $190 in New York City, where the company is headquartered—then discontinued its unlimited plan altogether in a bid to increase profit. The latest development came in March, when ClassPass founder Payal Kadakia announced she was stepping down as CEO and becoming executive chairman. Fritz Lanman, an investor who led the startup’s seed and Series A rounds and helped build the company, swapped roles with Kadakia and is now CEO.
Learn more about ClassPass and its fundraising history in the company’s free profile.
Article by PitchBook
