ClassPass Projects $60M Yearly Total, May Become Next Uber
ClassPass seems to have surely taken over the fitness conscious by offering access to the best boutique fitness classes with a flat monthly fee. The rising trend for boutique fitness, more like an intimate and personal training at chic locations, have given initiatives like ClassPass a real boost.
With reservations going up-to 600,000 just this month and business soaring up-to $1.5 million within the past week, the company is set to go beyond $5 million in revenues for February.
So in order to make sure they maintain and even cross the projected $60 million yearly total in revenues, Classpass has action plans running up which include expanding the areas it is operating in, adding up to its HR and to top it all, closing in more and more investment from venture capitalists like General Catalyst and Thrive Capital; who most recently gave a $40 million in their Series B funding to ClassPass.
Since last year, ClassPass has increased its presence from 20 to 30 cities across the USA. Even though it started up in New York City, the total user base is not even more than 40%. With services starting up in places like Nashville, Kansas City, etc, ClassPass is set to become a nation-wide thing. ClassPass also has plans to launch operations in the global market as well in the coming months, according to the sources.
But for ClassPass it’s not only about expanding physically. To do that effectively any organization would need to hire efficient team members to make sure they increase their reach as well as enhance their operations at the same time.
By hiring people like Zach Apter and Alex Do, CEO Payal Kadakia is determined that they’re going to get “smarter with pricing engines and our basic recommendations engine.” Because they are not just any hires, they have more than adequate prior experiences; with Zach who previously worked at Google leading strategy for the self-driven cars and Microsoft as head of Corporate Strategy. Alex is a perfect fit for marketing who before ClassPass was SVP of Marketing at Fab.com.
Just like Uber became a benchmark for a lot of other start-ups – Uber for X, ClassPass with its rising popularity is likely to instantiate a similar trend with start-ups coming up with a name like ClassPass for X, and after comparing the growth trends of Uber and ClassPass, it goes with intuition that in no time we’re going to hear such names.