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=).
While the U.S. may slowly be on the path to lowering inflation (and therefore interest rates), Europe has thoroughly trounced America, putting it on the path to lower rates by this summer.
April's release of the monthly Housing Starts and Building Permits reports by the Census Bureau provides crucial insights into the construction activity in the housing market. These reports are an economic indicator, shedding light on the current state of the housing market and its broader economic impact.
Caitlin Clark is heading to the Indiana Fever, the number one draft pick and the highest-scoring college basketball player of all time. And while she may not be getting millions from the WNBA, there's a few ways she'll net compensation for her generational talents.
Author of 'Clean Meat,' Paul Shapiro joins Cheddar to discuss how the cellular agricultural revolution helps lower rates of foodborne illness and greatly improves environmental sustainability. Plus, how his company The Better Meat Co. is bringing healthier food options to the table.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
You may have noticed fewer new venture capital-backed startups (like Airbnb or Uber) lately. The market slowed to a crawl after 2021, but things are expected to take off again in 2025.
Corporate earnings season is underway, that time when companies share their billions in sales or double-digit profits. But the data shows even companies are struggling with high inflation and interest rates.
Boeing continues their terrifying trend of having their planes fall apart mid-flight, inflation — checks notes — is still up and the future of AI looks terrifying. Cheery!
Food waste – uneaten scraps or leftovers sent to landfills – is responsible for 10% of global emissions. Mill, a new product from the co-founder of Nest, thinks technology can play a role in eliminating it.
By the time the 2024 election is over, be prepared to see some form of a recession – but this shouldn’t be as bad as what we experienced in 2020 or 2008.
