No. 1 fitness app expands its reach in healthcare and wellness by acquiring the fitness benefit platform Peerfit.
LOS ANGELES, CA (Feb. 15, 2022) — FitOn, the No. 1 fitness app and digital fitness platform, announced today it has raised $40M in new funding and is expanding its reach in healthcare and wellness through the acquisition of Peerfit, a corporate wellness leader. The Series C was led by Delta-v Capital with participation from Accel, Maverick Ventures, Second Avenue Partners, and Mantis VC (investment fund of The Chainsmokers) along with a strategic investment from United Talent Agency bringing the company’s total funding to $70M.
The acquisition of Peerfit brings together the best in both 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. Adoption has more than doubled in the last year to over 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," said Lindsay Cook, Co-founder, and CEO of FitOn. "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 has taken the digital fitness landscape by storm since launching in 2019, growing to more than 10+ Million members by offering premium fitness workouts with its expert trainers and celebrities including Gabrielle Union-Wade, Julianne Hough, Halle Berry, Lindsey Vonn and most recently welcoming TikTok stars, the D'Amelio family, to the platform. The company’s mission is to leverage the ubiquity of the smartphone to democratize health & fitness for hundreds of millions of people across the globe.
Peerfit is a longtime leader in the corporate wellness space, with more than 13,000 employer customers across a range of industries. Peerfit offers a personalized fitness solution via an expansive network of studios and gym partners, including Life Time, YMCA, barre3, and more. Peerfit’s strategic partnerships with major health plans such as Aetna, Cigna, Wellcare, and more allow employers and health plans to seamlessly provide a fully funded fitness benefit as part of a member’s medical benefits package. The company’s founder, Ed Buckley, will stay on in his current role as CEO to continue leading the tremendous growth of the Peerfit business. Peerfit will continue to operate as it does today, with the team and brand staying in place. Users can expect FitOn to be available in their Peerfit accounts in early Spring, 2022.
"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," said Buckley. "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."
FitOn is the ultimate health and fitness platform, revolutionizing the category with instant access to the widest variety of premium fitness classes, meditation, and nutritional guidance. Train with the world's best trainers and celebrities–anytime, anywhere. Its unique social experience connects members with their friends, family, and coworkers to make fitness fun and motivating. For more information, please visit fitonapp.com.
Peerfit is a market leader in connecting employers and health plans with personalized fitness experiences. Through their digital platform, insurance carriers, brokers, and employers can supercharge their benefits offerings by giving their members access to a network of fitness studios, gyms, and digital fitness services that caters to all activity levels.
For more information, please contact our Client Services team.