Fitness company ClassPass is launching ClassPass Live, a high intensity interval training (HIIT) class bundle. The move is an effort both to reach new clients, and to make the experience more convenient for existing subscribers. CEO Fritz Lanman told Cheddar that the company is trying to bring gym-like experiences into people’s homes via livestreamed classes.
“We are trying to capture the magic of the offline workout experience, of it being immersive, it being a shared experience, it being accountable,” Lanman said. “And brought that into an at-home package that you don’t have to pay $2,000 to get started with.”
Classpass, which recently raised $70 million in a series C funding, is one of many fitness companies that are moving into the at-home workout space. Cycling Studios Peloton and FlyWheel Anywhere recently launched bikes with digital screens that offer livestreamed classes. Both studio bikes retailed at upwards of $1,000, and both offered livestreamed class packages for a $39-a-month subscription.
The executive says the service will cost existing ClassPass subscribers $10, while new subscribers will be charged $15. The service rolls out in early 2018, and the equipment-free classes only require a heart-rate monitor, provided by ClassPass, and presumably an internet-enabled device. Lanman says at-home classes will feature a leader board where exercisers can compete.
“We ship you a starter-kit that comes with a [Google] Chromecast, so you can plug it to your TV, and a heart-rate monitor,” he said.
Orangetheory Fitness is redefining the future of workouts with smarter tech, strength-based programming, and community-driven studios built for what’s next.
Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."