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Fritz Lanman

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Fritz Lanman
Lanman in 2018
Born
Richard Burnham Lanman, III

1981 (age 42–43)
San Francisco, California
CitizenshipAmerican
Alma materYale University
Occupation(s)Entrepreneur and Investor
Known forMindbody Inc., ClassPass, Pinterest, Square, Wish, Microsoft, Doppler Labs, Livestar, and Flexport
TitleCEO of Mindbody Inc.
SpouseMelissa Middleton Lanman
Parent(s)Alanna Purcell Lanman (mother)
Dr. Richard Lanman (father)
RelativesJames Lanman (brother)
Max Lanman (brother)
Connor Lanman (brother)
Christopher Lanman (brother)[1][2]
Websitehttps://classpass.com/team

Fritz Lanman (born August 6, 1981) is an American entrepreneur and investor in early-stage technology companies. He led the seed and Series A financings in ClassPass in 2014[3] and became CEO in 2017.[4][5] In 2021, ClassPass was acquired by Mindbody Inc., valuing the former at $1 billion.[6] In August 2022, it was announced that Fritz would take over as CEO of MindBody.[7] In addition to his role at ClassPass, he is notable for leading the initial financings of Pinterest, Square, Wish, and Flexport, as well as leading the Microsoft deal team decision to invest $240 million in Facebook in 2007, an investment now worth over $8 billion.[8][9]

Early life

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Lanman is the first of five sons of Dr. Richard Lanman and Alanna Purcell Lanman, born on August 6, 1981.[2] He grew up and attended high school in Los Altos, California where he played football, basketball, and golf. He toured Belgium, Netherlands, Luxembourg, and France with the Main Street Singers in 1999.[10] Lanman graduated from Yale University in 2003, one of a long line of Lanman Yale graduates beginning with his ancestor United States Senator James Lanman, who graduated from Yale College in 1788.[11] Lanman speaks three languages: English, Italian, and Spanish.[citation needed]

Career

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Fritz Lanman began his career as a product manager at Microsoft. He subsequently rose to become senior director, corporate strategy, where he worked on several notable deals including Microsoft's $240 million Facebook investment. Lanman was quoted onstage at the Le Web conference in 2010 confirming Microsoft's attempt to acquire Facebook, and positing that Facebook (then valued less than $10 billion) would one day be worth as much as Microsoft (then worth $230 billion).[12] As of 2018, Facebook is worth over $500 billion.

Lanman began angel investing in 2010, with his first investment being Square, Inc. He and his investment partner Hank Vigil, senior vice president of strategy and partnerships of Microsoft Corp, subsequently invested in the seed rounds of notable companies such as Pinterest, Wish, Flexe, EasyPost, inDinero, Cargomatic, Everlane and many other startups.

Leaving Microsoft to become an entrepreneur in 2012, Lanman served as founder and CEO of Livestar, a personalized recommendations app.[13] Livestar was acquired by Pinterest in 2013.[14]

After co-founding the audio technology company Doppler Labs in 2013, Lanman led the Series A financing for ClassPass and became executive chairman. As of 2016, he was rumored to be running the company alongside founder Payal Kadakia and in an interview with Vanity Fair, Lanman confirmed that ClassPass intended to expand outside of studio fitness with a live video product and non-fitness product called "LifePass".[15] Both ClassPass and Doppler Labs were listed as "Next Billion Dollar Startups" by Forbes in 2016.[16]

In 2017, ClassPass announced Lanman as CEO, swapping roles with Kadakia who became executive chairman.[5] Subsequent to Lanman becoming CEO, Temasek led a $70m Series C financing in the company in June 2017.[17] In an interview on CNBC in May 2017, Lanman confirmed that ClassPass's intention was to eventually IPO, though he gave no definitive timetable.[18] ClassPass is the largest fitness network leading members to fitness studios and classes with over 8,500 partners in 49 cities worldwide.[19] In early 2018, Lanman launched a new ClassPass product, live-streaming studio fitness workouts as an at-home or at-anywhere interactive live video product.[20]

ClassPass attained unicorn status in a $285 million December 2019 financing round setting the company's valuation at over $1 billion. ClassPass currently serves over 30,000 partners, including boutique studios, gyms and wellness providers, in 28 different countries. ClassPass also launched a successful corporate program that allows organizations to subsidize their employees using ClassPass to stay in shape, and has more than 1,000 employers using the platform, including Morgan Stanley, Goldman Sachs, Google and Facebook.[21]

On October 13, 2021, ClassPass was acquired by Mindbody Inc. in an all stock transaction.[22] On August 2, 2022, it was announced that Fritz would become the CEO of Mindbody Inc effective September 3, 2022.[7]

Awards and recognition

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In 2015, Fritz Lanman was named "One of the Most Powerful People in Wearables" by Wearables.com as executive chairman for Doppler Labs' "Here Buds" product, "Here".[23] In 2017, Fritz Lanman was named one of Fast Company's "Most Creative People in Business".[24]

See also

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References

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  1. ^ "Lambie Lanman". Yale University. 2017. Retrieved August 5, 2017.
  2. ^ a b Carolyn Barnes (December 22, 1998). "Family Frolic". Los Altos Town Crier. Retrieved August 5, 2017.
  3. ^ Jordan Crook (March 31, 2014). "With 2 Million in New Seed Funding Classtivity Rebrands as ClassPass to Add Variety to Your Workout". TechCrunch. Retrieved August 22, 2022.
  4. ^ Polina Marinova (March 17, 2017). "ClassPass Founder Payal Kadakia Is Stepping Down As CEO". Fortune. Retrieved August 6, 2017.
  5. ^ a b Laura Hampson (February 1, 2019). "The CEO of ClassPass on the future of fitness and London's love of boutique studios". London Evening Standard. London, United Kingdom. Retrieved July 7, 2022.
  6. ^ Jordan Crook (October 13, 2021). "Mindbody acquires ClassPass in all-stock deal and secures $500 million investment". TechCrunch. Retrieved August 22, 2022.
  7. ^ a b Mindbody. "Mindbody announces executive leadership changes; positions Mindbody to power a new era of wellness". www.prnewswire.com (Press release). Retrieved August 2, 2022.
  8. ^ "Fritz Lanman". FastCompany. 2018. Retrieved January 27, 2018.
  9. ^ Victoria Barret (December 10, 2010). "Steve Ballmer's Breakfast With Twitter". Forbes. Retrieved January 27, 2018.
  10. ^ "Main Street Singers". Los Altos High School. Retrieved August 6, 2017.
  11. ^ "Yale University Alumni Network". Yale University. Retrieved July 7, 2022.
  12. ^ Alexia Tsotsis (December 9, 2010). "Microsoft: "Yeah, We Tried To Acquire Facebook."". TechCrunch. Retrieved August 6, 2017.
  13. ^ Liz Gannes (June 21, 2012). "Former Microsoft Dealmaker Fritz Lanman Launches Livestar Recommendations App". AllThingsD. Retrieved August 6, 2017.
  14. ^ Tom Cheredar (March 20, 2013). "Pinterest acquires local recommendations startup Livestar". VentureBeat. Retrieved August 5, 2017.
  15. ^ Maya Kosoff (June 2, 2016). "Leaked Documents Reveal ClassPass's Plan for World Domination". Vanity Fair. Retrieved August 5, 2017.
  16. ^ Amy Feldman (October 19, 2016). "Next Billion-Dollar Startups 2016". Forbes. Retrieved August 5, 2017.
  17. ^ Jordan Crook (June 16, 2017). "ClassPass secures $70 million Series C led by Temasek". TechCrunch. Retrieved August 5, 2017.
  18. ^ "ClassPass CEO: No plans for an IPO, but it's on our radar". CNBC. May 11, 2017. Retrieved August 5, 2017.
  19. ^ David Erickson (January 1, 2018). "Fitness tech company announces plans to hire 50 workers in downtown Missoula". Missoulian. Retrieved February 4, 2018.
  20. ^ Andrew Ross Sorkin (January 26, 2018). "Live-Streaming Fitness: ClassPass's New Product". CNBC Squawk Box. Retrieved January 27, 2018.
  21. ^ Crook, Jordan (January 8, 2020). "ClassPass, finally a unicorn, raises $285 million in new funding". TechCrunch. Retrieved January 25, 2020.
  22. ^ Jordan Crook (October 13, 2021). "Mindbody acquires ClassPass in all-stock deal and secures $500 million investment". techcrunch.com. Retrieved October 21, 2021.
  23. ^ Mariam Sharia (June 4, 2015). "The 5 most powerful people in wearables to watch". Wearable.com. Retrieved August 6, 2017.
  24. ^ "Most Creative People – Fritz Lanman". 2017. Retrieved August 6, 2017.
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