Fitness subscription platform ClassPass has secured US$285m worth of investment, which it looks to use to further expand its global reach.
The Series E investment package was led by L Catterton and Apax Digital, with additional participation by existing investor Temasek.
As part of the investment, Marc Magliacano, managing partner at L Catterton’s Flagship Fund, and Daniel O’Keefe, managing partner at Apax Digital, will join the ClassPass board of directors.
In a statement, ClassPass said the investment will enable it to "rapidly scale" its proprietary reservation and booking technology.
The funding follows a period of growth for the company. It has expanded its presence into 28 countries, while also signing up more than 1,000 employers into its corporate wellness programme.
Launched in 2013, ClassPass has made a name for itself by helping boutique studios and gyms fill empty slots in classes and currently partners with more than 30,000 boutique studios, gyms and wellness providers.
The latest funding means that the firm is now valued at around US$1bn.
"This investment is a significant milestone that will further our mission to help people stay active and spend their time meaningfully,” said founder and executive chair Payal Kadakia.
Fritz Lanman, ClassPass CEO, added: "This funding is a reflection of our sustained success in the US and our rapid adoption internationally.
"In 18 months, we’ve scaled from four to 28 countries and our goal is to be the brand of choice and clear leader in every country we enter.
"This investment will allow us to expand more rapidly within existing geographies, add more countries to our network, and scale our corporate program globally. Additionally, I am thrilled to welcome two new board members with incredible domain expertise in digital subscription businesses and the fitness industry more broadly.”
