Fitness app FitOn raises $40M, acquires corporate wellness platform Peerfit
Digital fitness and wellness company FitOn has raised $40 million in Series C funding led by Delta-v Capital, the company announced on Tuesday. FitOn is also expanding its reach in wellness by acquiring Tampa-based corporate wellness platform Peerfit. The terms of the deal were not disclosed. Peerfit founder Ed Buckley will stay on in his current role as CEO.
The funding comes as the Los Angeles-based company hit 10 million users last year for its app, which offers personalized fitness and wellness programs. The app includes workouts with several partners, including Orangetheory Fitness, KINRGY and Zumba, along with celebrity ambassadors Gabrielle Union-Wade, Julianne Hough, Jonathan Van Ness, Halle Berry, Lindsey Vonn and more.
Founded by the husband-and-wife team of former Fitbit executive Lindsay Cook and AllTrails founder Russell Cook, the app launched two years ago with a mission to give people an affordable and inclusive way to approach wellness. The duo aims to provide premium fitness content that is easily accessible, with a social fitness experience that helps people find motivation.
“Our focus has been leveraging the ubiquity of the smartphone to provide every single person with a gym in their pocket and social experience they can’t find anywhere else,” FitOn CEO Lindsay Cook told TechCrunch. “Working out and being active is an integral part of what helps us stay healthy and feel good, but just like many executives, I found we’re all sometimes too busy to work out. I founded FitOn in 2019 because I wanted to give people an affordable and inclusive way to approach wellness by putting themselves first on their to-do list.”
Cook says the acquisition of Peerfit brings together both at-home and in-the-gym fitness to support the health and wellness needs of consumers, as well as employees and Medicare recipients. Peerfit connects employers, brokers and insurance carriers to local fitness experiences and wellness services and has more than 13,000 employer customers. Cook says that by integrating Peerfit into FitOn, the company will be able to accelerate its enterprise business.
In terms of the new funding, Cook says FitOn will use a portion of the investment to execute the Peerfit transaction and continue to invest in its enterprise product. The company will also dedicate some of the funding to expand its team and fuel growth internationally in both the consumer and corporate wellness markets. The funding round included 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. The new investment brings the company’s total funding to $70 million.
Cook says FitOn has seen accelerated growth in the digital fitness industry during the pandemic and that it has experienced a significant increase in workouts and signups. FitOn also saw a three times increase in friends working out together. The company’s goal is to get 100 million members working out each week on FitOn. Regarding the future, Cook says FitOn is focused on reducing barriers and empowering people to fully engage in their health and wellness.
“We are focused on continuing to innovate on premium content, creating more personalized fitness experiences, expanding internationally, and providing every single person with social accountability they can’t find anywhere else,” Cook said.
The company’s Series C investment follows its $18 million Series B funding announced in October 2021. The round was led by Delta-v Capital, with participation from existing investors Accel, Telstra Ventures, Crosscut Ventures, Maverick Ventures and Second Avenue Partners.
FitOn seems to be a fascinating startup with motivating turn of events on corporate wellness platform. I’m sure this startup would continue to prosper in its journey ahead. My best wishes to the entire team of FitOn. This will give them a huge accomplishment in future.Shishir Gupta, Founder and CEO, StartupLanes
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