ClassPass, the studio fitness platform that gives users access to thousands of boutique fitness classes, has said it plans to expand internationally into nine new countries by the end of 2018. The company’s top priorities are consolidating its position in the UK and launching in three countries in Asia, according to chief executive Fritz Lanman. Lanman declined to disclose which countries the fitness subscription service was targeting.
ClassPass’s further international expansion isn’t exactly a surprise. The company already serves parts of Canada, the UK and Australia alongside its 50 cities within the US. ClassPass also raised a whopping $70 million Series C last year which Lanman tells me was purposefully large to fuel this type of expansion without being dependent on another round of financing.
As part of the expansion initiative, ClassPass has hired Chloe Ross as VP of International. Ross has worked on international strategy at Microsoft and has helped in developing policy in the UK Prime Minister’s Strategy Unit.
In 2014, ClassPass found its footing with a brand new model for the fitness world. The company aggregated fitness classes and studio partners while offering a subscription model for users, letting them pick and play as they choose across a wide variety of classes. In essence, the company brought a media model, not unlike Netflix, to the real world industry of fitness.
Lanman says that this kind of business model innovation has spurred a large number of clones, both domestically and internationally, and that international expansion is integral to cementing ClassPass’s spot at the top of the heap.
As it stands now, ClassPass currently has 9,000 studio partners, but Lanman and founder Payal Kadakia see the opportunity to grow that to 90,000 as the company ventures outside of the U.S.
Moreover, ClassPass has played with the idea of expanding into new verticals for quite some time, with wellness being first in line. But before ClassPass can dive deep into a wellness vertical, it must first solidify its place as a global aggregator of studio fitness.
The company recently unveiled a new at-home workout program called ClassPass Live, letting users stream classes from the comfort of their own home. No word yet on when ClassPass Live will debut in new international markets, Lanman said.
ClassPass has raised a total of $154 million since launch.
from TechCrunch https://ift.tt/2IJN5NI
No comments:
Post a Comment