ClassPass CEO on the Company's New $85 Million Funding
*By Bridgette Webb*
ClassPass is bulking up.
The subscription-based fitness platform raised $85 million in new funding led by Singapore investment firm Temasekーbringing its total financing to $255 million.
"We are really going to start hitting the gas," said ClassPass CEO Fritz Lanman in an interview with Cheddar on Friday. "We plan on going from 10,000 studio and gym partners to hopefully... more than that."
The New York start-up lets users book classes at a variety of gyms and fitness studios, and Lanman plans to launch in 10 more U.S. cities by the end of the year.
But the company isn't stopping there. Lanman also wants to enter an international market, and his sights are on Southeast Asia. But he also admitted the region is an entirely different challenge.
"I certainly think that Asia has cultural differences that I'm sure that we'll learn and might make it harder to address that market. However, we are not just doing studio fitness. We are trying to push hard into wellness. In Asia, that category of health is very popular."
The company first announced its wellness push in Februaryーallowing users a new option to book spa visits, massages, facials, cryotherapy, and acupuncture sessions.
Lanman says that ClassPass plans to test those offerings in New York City before extending the new features to the rest of its network.
The company has long-term ambitions to compete with on-demand exercise platforms like Daily Burn and Peloton with its recent launch of ClassPass Live, a live-streaming class option.
For full interview, [click here] (https://cms.cheddar.com/videos/VmlkZW8tMjEyOTA=).
Raina Moskowitz, CEO of The Knot Worldwide, unpacks the 2025 Global Wedding Report, from Gen Z trends to how Taylor Swift's wedding could reshape the industry.
Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.