FitOn, a fitness app and digital fitness platform, is acquiring corporate wellness company Peerfit after raising $40 million in new funding, FitOn announced.
The Series C was led by Delta-v Capital with participation from Accel, Maverick Ventures, Second Avenue Partners and Mantis VC along with a strategic investment from United Talent Agency’s venture fund, UTA VC, bringing the company’s total funding to $70 million.
The acquisition of Peerfit brings together at-home and in-the-gym fitness to support the health and wellness needs of consumers as well as employees and Medicare recipients while removing barriers to being active, according to FitOn. Adoption has more than doubled in the last year to more than 1 million paid members for the combined entity.
“Given the new normal of hybrid and remote work, we believe — now more than ever — that it is critical to create accessible, personalized health and fitness solutions,” Lindsay Cook, co-founder and CEO of FitOn, said in the announcement. “FitOn is laser-focused on positive social engagement among consumers, employees and plan members, providing them with fun and exciting ways to get fit, de-stress, and connect with each other. Combining Peerfit with the innovative digital platform we have built at FitOn will create a first-of-its-kind virtual and in-person wellness experience to engage people both at home and in their communities.”
FitOn launched in 2019, growing to more than 10 million members by offering fitness workouts with its expert trainers and celebrities including Gabrielle Union-Wade, Julianne Hough, Halle Berry and Lindsey Vonn. The company’s mission is to leverage the ubiquity of the smartphone to democratize health and fitness for hundreds of millions of people across the globe.
Peerfit operates in the corporate wellness space, with more than 13,000 employer customers across a range of industries. Peerfit offers a personalized fitness solution via a network of studios and gym partners, including Life Time, YMCA, barre3 and others. Peerfit’s strategic partnerships with major health plans, such as Aetna, Cigna and Wellcare, allow employers and health plans to seamlessly provide a fully funded fitness benefit as part of a member’s medical benefits package.
Peerfit’s founder, Ed Buckley, will stay on in his current role as CEO.
“Bringing FitOn and Peerfit together will make these services available to a broader population, reduce barriers to getting active and healthy, and allow people to more fully engage in their health,” Buckley said. “Through Peerfit, benefit and HR coordinators, as well as program managers, can benefit from account management and marketing support through an easy-to-use digital solution, drastically reducing the resources required to run their corporate wellness programs.”
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