MARKETS & INVESTING | Staff Reporter, Singapore

Temasek leads US$85m funding round for US fitness startup

ClassPass targets expansion in Southeast Asia.

Temasek led the US$85m ($115.53m) funding for US fitness studio Class Pass, an announcement revealed. The said investment raised ClassPass’ total fund to US$255 ($346.59)m.

Aside from the Singapore-based wealth fund, consumer-focused private equity firm L Catterton also joined the Series D funding. The firm is based in Connecticut.

“Temasek has been a supportive shareholder, and their continued engagement will be especially helpful as we launch ClassPass throughout Southeast Asia,” ClassPass CEO Fritz Lanman said.

ClassPass recently transitioned from a fixed class model to a dynamically priced credits-based model as it eyes to maximize membership benefits and optionality.

“We’ve had tremendous success creating the category and becoming the leading fitness subscription in the US, but our ambitions have always been loftier than geographic constraints,” ClassPass founder Payal Kadakia commented. “This latest round of funding helps bring our vision to reality as we more firmly establish ourselves as a global brand.”  

ClassPass offers various fitness activities including yoga, cycling, Pilates, barre, running, strength training, dance, and other sports. Founded in 2013, it currently operates in 50 cities worldwide.

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