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Fitness platform ClassPass raises $285M in PE-led funding round

Fitness and wellness marketplace platform ClassPass Inc. secured $285 million in a series E funding round led by private equity firm L Catterton Partners and The Apax Digital Fund.

Existing investor Temasek Holdings (Pte.) Ltd. also joined the fundraiser, which pushed ClassPass to unicorn status after hitting a post-money valuation of $1 billion, according to S&P Global Market Intelligence data.

ClassPass will use the funding to further expand its global footprint and scale its corporate program.

Marc Magliacano, managing partner at L Catterton's flagship fund, and Apax Digital Managing Partner Daniel O'Keefe will join ClassPass' board following the investment.

Apax Digital is a growth equity fund managed by Apax Partners LLP.