Temasek-backed health app ClassPass eyes $1 billion valuation in new funding spherical

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(Information) – Health subscription app ClassPass is searching for to lift $285 million in a brand new funding spherical, which might push the Temasek and Alphabet Inc-backed start-up’s valuation to over $1 billion.

The corporate will difficulty 22.7 million ‘Sequence E’ shares as a part of the funding spherical, in line with a securities submitting obtained by Information from analytics agency Lagniappe Labs.

The corporate didn’t reply to a request for remark.

ClassPass, by way of its cell app, sells month-to-month subscription plans that present entry to over 30,000 health studios and gymnasiums all over the world. It has additionally partnered with corporations like Google, Fb Inc and Morgan Stanley to supply company wellness plans.

The agency is at the moment valued at $536.four million, in line with Prime Unicorn Index primeunicornindex.com, an index that tracks the efficiency of personal U.S. corporations.

ClassPass raised $85 million in sequence D financing in July 2018, led by Singapore state investor Temasek, which had additionally invested in an earlier funding spherical.

The Sequence E shares will probably be valued at $12.58 per share, an 18% soar from that fundraising spherical, in line with the submitting.

ClassPass was began by Payal Kadakia in 2013 after she struggled to discover a dance class in New York. She is at the moment government chairwoman of the corporate.

Reporting by Munsif Vengattil in Bengaluru; Enhancing by Anil D’Silva