ClassPass raises $85m, targets SE Asia expansion

"Having our Series C lead investor Temasek double down and lead our Series D is a major vote of confidence in our business and a reflection of the successful evolution to the credits model we made this year," Fritz Lanman, ClassPass CEO, said in a statement. "Temasek has been a supportive shareholder, and their continued engagement will be especially helpful as we launch ClassPass throughout Southeast Asia."

ClassPass received $70 million last year from Temasek and a number of US investors, including Acequia Capital, General Catalyst Partners, and Thrive Capital. Previous backers also include GV, formerly known as Google Ventures, Fifth Wall Ventures, Slow Ventures, Romulus Capital, Brainchild Holdings, BoxGroup, William Morris Endeavor, CRV, M13 Company, and SV Angel. The company is said to have raised a total of $255 million to date.

Founded in 2013, ClassPass claims to be the leading membership company globally. Its fitness network is said to be the world's largest with more 10,000 partners in 50 international cities connecting members in a range of fitness areas such as yoga, cycling, running, and strength training. It has recently transitioned from a fixed class model to a dynamically priced credits-based model in order to maximize membership benefits and optionality.

Competitors in Southeast Asia's fitness services space include KFit, a Malaysian gym membership app backed by Sequoia Capital and Venturra Capital that has recently acquired Groupon Malaysia, as well as Singapore-based Evolution Wellness a company backed by Navis Capital Partners and Oaktree Capital. Evolution operates more than 150 wholly-owned fitness clubs and is looking to enhance its customer experience through technology.

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• Topics
• Southeast Asia
• Consumer
• Expansion
• North America
• USA
• Temasek Holdings
• L Catterton
• Growth capital