AusLeisure

Leading global fitness sharing platform ClassPass has announced the close of a US$70 million Series C funding round.

Led by Singapore-based investment company Temasek, the latest round of the subscription service’s venture capital funding also involved existing investors such as Acequia Capital, CRV, General Catalyst, GV, M13 and Thrive.

According to information from ClassPass, the platform has doubled its member base in the past year and has now grown to 35 million reservations to date.

The growth has been accompanied by a revision of its offering, moving from its original pay-as-you- model providing users with discovery and booking opportunities for exercise classes and gym time where low-usage users were subsidising high-usage unlimited users, making it difficult to continue entering new markets in a sustainably healthy way.

Since adopting a subscription model the company has thrived, expanding from its base in the USA to now have a particular focus on Asia.

The company has also made recent leadership changes, appointing investor Fritz Lanman as Chief Executive and moving former Chief Executive and co-founder Payal Kadakia to Chairman of the Board.

This latest round brings ClassPass’s total funding to US$154 million in total.

Series C funding rounds occurs when a venture capital firm goes for this round of funding when the company and is a success in the market. The company goes for Series C round of funding when it looks for greater market share, acquisitions, or to develop more products and services.

Image courtesy of ClassPass.

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