ClassPass, a platform that helps users find fitness classes and gyms in their area, announced today that it closed on a $285 million funding round that pushed the company over the $1 billion valuation mark.
“While this milestone feels great, what is much more validating is the 100 million hours of workouts that our members have booked through the ClassPass platform and the millions in revenue we have channeled to our 30,000 fitness partners to date,” founder and Executive Chairman Payal Kadakia said. “We measure our success by our positive impact on our members and partners.”
Kadakia came up with the idea for ClassPass in 2010 when she experienced some difficulty in booking an afterwork dance class in NYC.
“I spent over three hours calling different studios and combing through different websites, each with different prices, schedules, levels and package types. The process was so frustrating that I never actually booked a class,” Kadakia said. “I realized that this challenge was also an opportunity. It’s hard enough to get most people to work out. Once you add in the friction associated with trying to discover and book classes, most people will never make it through a gym or studio door. I made it my mission to create a seamless, motivating platform that would help more people get active.”
ClassPass was created to make finding and attending fitness classes easier. All a user has to do is find a class they are interested in on the company’s site and book it. ClassPass members can purchase monthly plans that give them a certain amount of credits. This virtual currency can be redeemed towards fitness classes, gym and pool time, and other wellness experiences. Prices are dynamic, depending on availability and time of day, which means users have the flexibility to use their credits the way they want.
Since its 2013 launch, this New York-based company has expanded to 2,500 cities worldwide and partnered with 1,000 employers — including Facebook, Google and Southwest Airlines — for their corporate wellness programs. Kadakia says this most recent funding will allow ClassPass to grow that program and expand to new markets.
“I am so proud of our team and everything we have accomplished, but we still have work to do in bringing our mission to more people around the globe,” Kadakia said. “I love hearing from members that they rarely worked out before ClassPass and that we played a major role in helping them find workouts they enjoy and building healthy habits for the long term. I look forward to helping more people find classes they love.”
