US-based fitness subscription platform ClassPass has raised US$85 million in a Series D round led by existing investor Singaporean state fund Temasek, with participation from the Growth Fund of L Catterton, it said in a press release today.
This follows ClassPass’ announcement earlier this month to launch its services in Singapore by 9 August 2018, a market it sees as a springboard into Asia.
The company aims to launch its services in 20 new countries internationally and in 10 US cities by end-2019, while onboarding more studios and classes in the existing markets.
ClassPass claims to be working with 10,000 partners in 50 cities worldwide, with a variety of fitness programmes from yoga to cycling to barre and more. Users pay for a set number of credits every month, depending on the city, and can use the credits to attend classes in different locations.
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Aside from expanding globally, the funds will be used to hire more people and promote ClassPass Live, a fitness video platform that allows users to workout at home, according to TechCrunch.
Temasek previously led the company’s US$70 million Series C funding announced in June 2017. To date, according to ClassPass, the firm has raised a total of US$225 million.
ClassPass CEO Fritz Lanman 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, beginning with our upcoming Singapore launch.”
ClassPass’s anticipated Asia launch, via Singapore, will bring a good workout to the tech-based fitness subscription industry in the region. While a rising middle class means more are spending money on health and fitness, IHRSA research shows that only four percent people across Asia Pacific are part of a health club, a sign of how unsaturated the market is.
At the moment, the US-based firm’s main competitors in Asia include GuavaPass and KFit, both startups with less venture funding to back them up.
Editor: Nadine Freischlad