The alternative gym and fitness studio startup said Wednesday that it has raised $285 million in new funding, pushing its valuation above the $1 billion mark, officially making it a"unicorn."
ClassPass CEO Fritz Lanman told CNN Business that the startup began fundraising for its latest round in September, the same month that elite fitness brand Peloton made its lackluster Wall Street debut. The indoor fitness company was just one of a stampede of unprofitable consumer startups that made their Wall Street debuts last year; their struggles on the public market have collectively shifted investor appetite to favor sustainable businesses.
The funding, which had been rumored late last year, will be used to further fuel its expansion abroad and be put towards growing its corporate partnership program, which counts about 1,000 businesses that provide ClassPass memberships to employees as a perk. Payal Kadakia, founder and executive chairman of ClassPass, told CNN Business that the growing ecosystem of fitness brands, including the at-home fitness craze, is good for everyone."It is motivating for people to try different experiences; our stats keep pointing to variety -- if one of those mixes of variety is at-home, that's fine," she said.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Source: rapplerdotcom - 🏆 4. / 86 Read more »