ClassPass Announces $40M Funding Led by General Catalyst & Thrive Capital to Expand National Footprint & Fuel International Growth
New York, NY (PRWEB) January 15, 2015 -- ClassPass, the leading fitness subscription service, today announced a $40 million Series B investment led by General Catalyst and Thrive Capital. The financing will continue to fuel ClassPass’s rapid growth and expansion to new cities in the US and help expand its reach to international markets. Including this new round of funding, Classpass has raised over $55 Million from investors such as Fritz Lanman, Hank Vigil, Shana Fisher and Kal Vepuri.
ClassPass gives consumers the power to create their own personal fitness routine choosing from thousands of the best group classes in their city. Members can book unlimited workouts at studios for a fixed monthly subscription. It’s a way to never get bored of staying active.
“I believe that staying active makes you happier. We wanted to make it easier and more engaging to make fitness a part of people’s lives,” said Payal Kadakia, CEO and Co-Founder of ClassPass. “Our mission is to work closely with our studio partners to help transform people’s lives, giving them more choices in how they maintain their fitness.”
Whether it’s indoor cycling or yoga, Pilates or high-intensity interval training, ClassPass offers a variety of class types to fit everyone’s personal preferences and abilities. Allowed to take as many classes as they would like per month, members can try a different studio every day, and take up to three classes a month at the same studio.
“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 launched in June 2013 and has partnered with over 2,000 leading fitness studios across the country. ClassPass members have booked over 1.5 million reservations on the platform to date.
Already enjoying a loyal customer base in New York, Boston, Chicago, San Francisco, Los Angeles, Washington, D.C., Seattle, Portland, San Diego, Austin, Dallas-Fort Worth, Miami, Denver and Philadelphia, ClassPass recently expanded to Atlanta, Phoenix-Scottsdale, Houston, Charlotte, Columbus, and Minneapolis-Saint Paul, and will add more new cities in a few weeks. With ClassPass Flex, members can work out in any studio in the network across all 20 cities where ClassPass is active.
To sign up, visit http://classpass.com/
About ClassPass:
ClassPass is a platform for fitness. With ClassPass, customers get access to the best boutique fitness classes nationwide with one monthly subscription. There are tens of thousands of classes available to ClassPass members, including cycling, Pilates, yoga, boot camp, strength training, dance, and more. For more information, visit http://classpass.com/.
About General Catalyst Partners:
General Catalyst Partners is a venture capital firm that makes early-stage and growth equity investments. The firm backs exceptional entrepreneurs who are building innovative technology companies that transform industries, including Airbnb, BigCommerce, Datalogix, Datto, Demandware, The Honest Company, HubSpot, KAYAK, Oscar, Snapchat, Stripe, and Warby Parker. The General Catalyst partnership leverages its broad experience to help founders build market-leading businesses. General Catalyst has offices in Cambridge, MA, Palo Alto, CA and New York City. For more information, visit: http://www.generalcatalyst.com or http://www.twitter.com/gcvp.
About Thrive Capital:
Thrive Capital is a venture capital firm based in New York City that invests across stages in disruptive companies around the world. For more information, visit: http://www.thrivecap.com.
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Media Contacts:
Alex Do
ClassPass
206-228-7388
ado(at)classpass(dot)com
Katja Gagen
General Catalyst Partners
415-690-6689
kgagen(at)generalcatalyst(dot)com
Alex Do, ClassPass, 206-228-7388, [email protected]
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