The fitness marketplace startup ClassPass recently announced plans to acquire its competitor, GuavaPass.
What’s ClassPass: Founded in 2013 by Mary Biggins and Payal Kadakia, New York City-based ClassPass provides subscribers access to a variety of health clubs and fitness classes via a flat-rate monthly fee. You may remember that in summer 2018, they announced they raised $85 million in Series D funding to fuel a global expansion.
What’s GuavaPass: Founded in 2015 by Rob Pachter and Jeffrey Liu, GuavaPass is essentially the same as ClassPass but for Asian and Middle Eastern markets.
The impact: The acquisition further expands ClassPass’s presence in Asia, which began in 2018 when they touched down in Singapore. Once the acquisition is complete ― scheduled for the end of this month ― ClassPass will take over GuavaPass’s operations in 11 cities: Abu Dhabi, Bangkok, Beijing, Dubai, Hong Kong, Jakarta, Kuala Lumpur, Manila, Mumbai, Shanghai and Singapore.
The obligatory quote: “To be acquired by an industry leader like ClassPass is a true testament to what we’ve built across Asia and the Middle East,” said cofounder Liu in a prepared statement. “When my co-founder, Rob Pachter, and I started this company 3 years ago, our mission was to provide convenient access to top fitness experiences. ClassPass’ unrivaled talent and technology means that, together, we can take our common mission further.” Liu and Pachter are slated to join the ClassPass team, as will select GuavaPass employees.
Next stop: world domination? Once the acquisition is complete, ClassPass will operate in more than 80 markets across 15 countries. According to their site, they plan to continue expansion by launching in at least 50 new markets this year.
C’mon, how much: No financial details of the sale were disclosed.
