ClassPass raised $40 million Series B investment in a round led by General Catalyst and Thrive Capital. The financing will be used to help ClassPass grow its fitness subscription service, and expand to new cities in the US and international markets.
ClassPass members have booked over 1.5 million reservations on the platform to date.The company’s service was launched in June 2013 and has partnered with over 2,000 leading fitness studios across the U.S. ClassPass offers a variety of class types to fit everyone’s personal preferences and abilities, allowing users to take as many classes as they would like per month. Additionally, members can also try a different studio every day, and take up to three classes a month at the same studio or book unlimited workouts at studios for a fixed monthly subscription.
“There are 50 million people in the US that pay for gym memberships, but there is a massive cultural movement towards boutique fitness classes,” said Adam Valkin, of General Catalyst. “ClassPass is the category-defining company supporting this transition at scale. It does this by helping boutique owners and independent instructors access pent up demand in a way that’s affordable for members and sustainable for the businesses.”
ClassPass is enjoying a loyal customer base in a number of cities, including New York, Boston, Chicago, San Francisco, Los Angeles, Washington, D.C., Seattle, Portland, San Diego, Austin, Dallas-Fort Worth, Miami, Denver and Philadelphia. Moreover, they have recently expanded to Atlanta, Phoenix-Scottsdale, Houston, Charlotte, Columbus, and Minneapolis-Saint Paul, and will add more new cities in a few weeks.
ClassPass members have booked over 1.5 million reservations on the platform to date. The company has raised over $55 million from investors such as Fritz Lanman, Hank Vigil, Shana Fisher and Kal Vepuri.