Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.
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Mindbody buys ClassPass in fitness rollup
Mindbody reported Wednesday that it is buying gym-hopping app ClassPass for an undisclosed sum in an all-stock acquisition. As part of the deal, a group led by private equity firm Sixth Street is also investing $500 million into ClassPass.
New York-based ClassPass has previously raised just under $550 million from private investors including GV, Thrive Capital and General Catalyst and was valued at $1 billion before the Mindbody deal, according to Crunchbase data.
San Luis Obispo, California-based Mindbody is majority owned by Vista Equity Partners. It sells subscription appointment booking and customer management software to fitness studios, spas and other businesses in the wellness industry.
“The ClassPass network includes many businesses already working with Mindbody. By combining our respective operations, we will create more seamless integrations and unlock new revenue opportunities for business owners using both services, while continuing to support all fitness, salon and spa businesses who choose to work with Mindbody or ClassPass,” ClassPass CEO Fritz Lanman said in an announcement of the deal.
— Marlize van Romburgh
TripActions lands $275M
The Palo Alto, California-headquartered company operates a travel and spend management platform that it says is used by more than 5,000 companies globally.
The latest round brings total funding to date for the 7-year-old company to nearly $1.3 billion. Of that, $780 million was raised during the pandemic, the company said.
— Joanna Glasner
Dexterity raises $140M for warehouse robotics
Redwood City, California-based Dexterity, a provider of robotic systems for logistics, warehouses and supply chain, announced it has raised $140 million in a Series B equity and debt funding round led by existing investors Lightspeed Venture Partners and Kleiner Perkins. The round sets a valuation of $1.4 billion for the 4-year-old company.
— Joanna Glasner
Karat raises $110M, hits $1.1B valuation
Seattle-based Karat closed a $110 million Series C led by Tiger Global, valuing the company at $1.1 billion. The company’s “Interviewing Cloud” looks to solve the software engineer shortage problem by reducing time spent on interviewing and increasing hiring goals.
Founded in 2014, the company has now raised more than $169 million, according to Crunchbase data.
— Chris Metinko
SeatGeek to go public through SPAC
Ticketing platform SeatGeek said Wednesday that it plans to go public through a merger with the special-purpose acquisition company Redball Acquisition Corp. The deal gives SeatGeek, which is backed by investors including TCV and Accel, an enterprise value of about $1.35 billion.
• AvidXchange prices IPO: Charlotte-based AvidXchange, a provider of software for invoice and payment processing, raised $660 million in its initial public offering after pricing shares at $25 each, the top of the proposed range. Shares will begin trading on Nasdaq under the symbol AVDX.
— Joanna Glasner
Illustration: Dom Guzman
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