Is exercising more your New Year’s Resolution for 2020? If so, we have good news for you – the first unicorn of the new decade is an international fitness and wellness startup, ClassPass. Not long ago, Payal Kadakia’s company announced that it had raised $285m in Series E, bringing its total value up to $1bn.
Who is ClassPass?
Founded in 2013 by Payal Kadakia as a digital tool to search and book gyms nearby, ClassPass has since grown into a global company with over 30,000 studios around the world. The mission to “help people stay active and alive by connecting them with the best soul-nurturing experiences available” has become possible to fulfill through successful partnerships with boutique fitness studios and to allow subscribers to choose and book the sessions right for them within the network.
Over the last 18 months, ClassPass has also expanded into corporate wellness, scaled up from 4 to 28 countries, and extended its network to wellness offerings like massage, acupuncture, and meditation. The people behind the venture achieved this by learning from their mistakes and using data effectively. For instance, replacing unlimited plan-basis subscriptions with a virtual currency credit system and variable pricing at its Series C round worked as a sustainable revenue model. This adaptability is what the company’s CEO Fritz Lanham believes to be its greatest strength.
What’s next for this unicorn?
The momentous Series E is led by L Catterton and Apax Digital. According to the company founder, this investment will “further the mission to help people stay active and spend their time meaningfully.” And judging by ClassPass’ international expansion, which only seems to be increasing and is indeed a priority for the company after this funding round, it’s well on its way to further this mission all around the world.
Photo credit: All images shown are owned by ClassPass and were provided for press use as part of a media kit.
Source: Crunchbase, Yola Roberts (Forbes and Forbes) / Jordan Crook (TechCrunch) / Sarah Perez (TechCrunch) / Arala Basul (UKTN) / Christine Lagorio-Chafkin (Inc.)