FitOn Announces $40M in New Funding & Acquisition of Peerfit
The digital fitness platform moves further into healthcare & wellness
FitOn, a digital fitness platform, has raised $40M in new funding and has announced the acquisition of Peerfit, a corporate wellness leader.
With the acquisition of Peerfit, FitOn will move deeper into the healthcare and wellness sector and support a hybrid fitness model. Peerfit has 13,000 employer clients across a variety of industries and gym partners like Life Time, YMCA, and barre3. The corporate wellness company also has partnerships with health care plans including Aetna, Cigna, and Wellcare.
“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,” says Lindsay Cook, co-founder and CEO of FitOn. Cook came up with the idea for FitOn while serving as Vice President of FitBit.
“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.”
The Peerfit’s founder, Ed Buckley, will stay on in his role as CEO.
FitOn, which launched in 2019, has over ten million members and offers premium fitness workouts with expert trainers and celebrities including Gabrielle Union-Wade, Julianne Hough, Halle Berry, and Lindsey Vonn.
In a 2019 interview with Forbes, Cook said that FitOn wanted to democratize fitness. “Riding a Peloton bike is an amazing experience, but it costs over $2,000, and not everyone can afford that. So, what we really wanted to do was to democratize the fitness experience and make it so that any woman, no matter what real estate or work out equipment they have, could afford some fantastic workouts that they could do anytime, anywhere,” Cook explained.
With FitOn and Peerfit together, Buckley sees great potential to make services available to a broader population and reduce barriers to obtaining health and wellness. “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,” Buckley says.
The Series C funding was led by Delta-v Capital along with Accel, Maverick Ventures, Second Avenue Partners and Mantis VC and United Talent Agency’s venture fund. The total funding is reported to be $70M.
