Venture Capital Firms Look for ClassPass to Hit $1 Billion Valuation

December 27, 2019 | Investments, News, Venture Capital
https://dailyalts.com/wp-content/uploads/2019/12/57e1d24a4e51a914ea898579ce203e7c1d22dfe05456754e732e7ed5_640.jpg

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.

Related: Temasek Will Sit Out the Saudi Aramco IPO on Environmental Concerns

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2020/08/Blackstone.jpg
Blackstone Acquires Largest Consumer DNA Database
August 7, 2020     Alternative Investments, Private Equity

Private Equity Meets Both Privacy Concerns and Major Growth in Next-Generation Industry.  The PE space is buzzing over private equity giant Blackstone’s acquisition of DNA testing company Ancestry.  The firm…

https://dailyalts.com/wp-content/uploads/2020/08/Ares.jpg
Private Equity: Ares Raises $5 Billion En Route To $30 Billion 2020 Haul

Ares Leapfrogs Competitors Through Pandemic.  Investment firm giant Ares has raised $5 billion for its private equity fund in the second quarter.  The firm’s goal is to raise up to…

https://dailyalts.com/wp-content/uploads/2020/08/row-houses-384596_640.jpg
Alternative Investments/Real Estate: HOMZ ETF Issuer To Ring NYSE Closing Bell To Mark Fee Cut
August 6, 2020     Alternative Investments, News, Real Estate

The Hoya Capital Housing ETF (NYSE: HOMZ) announced Wednesday a cut in its expense ratio from 0.45% to 0.30%, effective from August 1, 2020. It claimed that it has the…

https://dailyalts.com/wp-content/uploads/2020/08/Hero-image-2.jpg
FinTech: Grab Financial Flags Off A Bouquet of New Services
August 6, 2020     FinTech, News

Grab Financial Group Expands Suite of Products Under ‘Thrive with Grab’ Strategy