Fitness subscription app ClassPass is seeking to raise USD 285 million in a new funding round, which could push the Temasek and Alphabet backed startup's valuation to over USD 1 billion.
The company will issue 22.7 million 'Series E' shares as part of the funding round, according to a securities filing obtained by Reuters from analytics firm Lagniappe Labs.
ClassPass, through its mobile app, sells monthly subscription plans that provide access to over 30,000 fitness studios and gyms around the world. It has also partnered with companies like Google, Facebook and Morgan Stanley to offer corporate wellness plans.
The firm is currently valued at USD 536.4 million, according to Prime Unicorn Index, an index that tracks the performance of private US companies.
Source: Economic Times