ClassPass is a startup that offers unlimited access to various fitness classes for a flat monthly fee. The company currently has a $60 million revenue rate (for 2015), a rate that has doubled in the last 3 months. A sum of $1.5 million was brought in last week alone and will exceed $5 million in top line revenue thanks to the 600,000 reservations made by classPass users in February.
ClassPass had 300,000 reservations in December. The same month in which the company had received $40 million in series B funding led by General Catalyst and thrive capital. ClasssPass started with 20 cities and now is at 30 with a $15 million revenue run rate on the West Coast. The company has plans to launch internationally in the coming weeks, we hear. The NYC market only comprises 40% of ClassPass’s total user base.
It’s not hard to believe that ClassPass is entering new markets (5 every month) considering how fast the annual run rate doubled and (even tripled). The company is investing constantly in an improvised engineering team, marketing initiatives and studio partners. ClassPass is 25x bigger than its many competitors.
FitMob is one of the competitors for ClassPass, It is available in 7 cities and is expanding. CEO of FitMob says that the “25x times bigger” is not accurate but did not provide any numbers around the revenue or users. FitMob’s revenue rate is 10x in the last five months and user base has grown 24x. This maybe due to the offers available and the marketing team.
Uber’s existence led hundreds of startups to become the “Uber for X”, ClassPass’s rate of success signals that a smilier trend may start in startups looking to be the “ClassPass for X”
In three years Uber had a $125 million revenue run rate. The numbers aren’t too far, ClassPass in 19 months is at a $60 million revenue run rate. Close enough.
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