Startup ClassPass, founded by Payel Kadakia, has become quite a name in the startup market. A simple startup that provides monthly memberships to different fitness classes has gained quite a reputation because of its innovative idea and dynamic features that it provides.
The startup ClassPass was launched in the year 2013, by world class dancer, Payel Kadakia, along with co-founder Mary Biggins. The startup aims at providing its subscribers multiple forms of fitness routine. According to Kadakia, the same form of routine workout often becomes boring. This is a major reason why people leave their workouts midway.
ClassPass provides its members with access to multiple forms of fitness routine like boot-camps, gyms, spas and dance classes. The dynamic combination gives members a moral boost and helps them include variety into their workout routine.
Startup ClassPass has become quite successful since its initial days. Launched initially in the New York city as Classivity, the startup was basically a search engine that provided information on different fitness and health classes that one can attend within the city. Over the years, Classivity became ClassPass and has collaborated with fitness partners from throughout the US. The startup collaborates with multiple gyms and fitness centres that the members of ClassPass can have access to. With just $125 a month, members can choose from a wide variety of fitness routines without getting bored. The only limitation however, is that a member gets to attend one single fitness activity just three times a month.
The Startup ClassPass has been working on creating a better and more satisfactory user experience. Along with a native website, the startup has also launched applications for iOS, Android and Microsoft devices. This thus makes accessibility to the ClassPass app much easier and more convenient.
In the initial years of the business, the number of customers and members to ClassPass was rather low. Even with a highly discounted monthly subscription, the startup did not realise much profit. This led Kadakia and co-founder Biggins to pitch their business to various worthy partners.
Their hardwork really paid off well, especially because of the variety of fitness routine that classpass provided with a single subscription. The successful launch of the startup ClassPass, made heads turn as investors were keen to collaborate with the amazing startup.
The initial funding for the startup ClassPass of $54 million were from various venture capitalists. However, it collected a whooping $200 million in its second round of funding. It in the third round of funding it received another $30 million from Google Ventures. This has served as a cherry on top for the startup that had once been unable to retain members for a subscription amount of $49 a month.
According to Kadakia, in an interview conducted by VentureBeats, “ We’re now increasingly focused on improving and enhancing the ClassPass experience, providing our users a more personalized, robust membership and our studio partners tools and resources to better optimize and grow their businesses.”
Latest data suggest that over 11 million users have used ClassPass to gain membership to fitness and health centers. The startup has spread from New York to over 36 major cities across the globe. The total valuation of the startup currently stands at above $84 million. And this is only the beginning.