The workout tech industry gets a new unicorn

ClassPass could hit a $1 billion valuation, according to Reuters. A new report reveals that the fitness subscription app aims to raise another $285 million. ClassPass counts both Alphabet and Singapore sovereign wealth fund Temasek as backers. Venture capital backers include Acequia Capital, General Catalyst, and Thrive Capital.

This would be a massive jump from the $85 million it raised in July 2018 as part of its Series D round. TechCrunch reports that the company has been raising capital since the fall.

ClassPass Looks to Boost Valuation

The firm sells monthly subscription plans and access to more than 30,000 fitness studios around the globe. It has partnerships with Facebook, Google, and Morgan Stanley on the firm’s wellness programs. The firm allows companies to customize their health and wellness plans to include both access to classes and streaming audio and video workouts. 

ClassPass will take part in its “Series E” round and issue 22.7 million new shares. The firm had a valuation of more than $536 million at the time of the report, according to the Prime Unicorn Index.

Payal Kadakia founded the company in 2013. She serves as executive chairwoman of the firm. She stepped aside from the role of CEO in 2017. Fritz Lanman currently serves in that role.

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