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

December 27, 2019 | Investments, News, Venture Capital

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.


Alt Insights

January 16, 2020

ESG: Lately-turned Tesla Bull Jim Cramer Adds Fink To The Mix

ESG: Lately-turned Tesla Bull Jim Cramer Adds Fink To The Mix
Shape

Latest Alternative Investment News

Emission-Free Friday: Here are the Latest Funds to Push for Carbon Neutral
January 17, 2020     ESG and Sustainability, Investments, News

Carbon emissions dominated the headlines this week. The European Commission has announced an ambitious plan to shift toward a green economy and make the EU carbon-neutral in the year ahead….

Kirkoswald Asset Management Will Turn New Investors Away in 2020
January 17, 2020     Hedge Funds, News

Kirkoswald Asset Management will stop accepting new investors when the fund hits nearly $2 billion. Reuters reports that the two-year-old fund will close itself to new investors at the end…

FinTech: Fundbox Hires Former Goldman Sachs Investment Banker as CFO
January 17, 2020     FinTech, Venture Capital

Fundbox, the fintech startup that finances SMEs, is planning a potential IPO. Fundbox has appointed Marten Abrahamsen as its CFO effective this January. Abrahamsen was previously a partner at The…

Hedge Funds: The Empire Strikes Back At HKD Short-Sellers and Doomsayers
January 17, 2020     Hedge Funds, News

Such is the power of Kyle Bass, the hedge fund manager who correctly predicted the crisis from US subprime mortgages in 2007. The Hong Kong Monetary Authority deemed it appropriate…