Fritz Lanman, CEO of ClassPass, discusses how the fitness network is using its newest round of funding to innovate technology within the app. He explains how videos-on-demand and social interaction help engage and retain users. Plus, will ClassPass IPO soon? Lanman says the company doesn't necessarily have a timeline right now, but it's setting its sights on going public as its "finish line."

In addition, Lanman addresses the criticism ClassPass faced after increasing prices. He breaks down the new price-tier model and how ClassPass fits into the $10 billion boutique fitness industry.