FitOn, a digital fitness and wellness company, has raised $ 40 million in Delta-v Capital-led Series C funding announced Tuesday. FitOn is also expanding its range of wellness by acquiring the tampa-based company wellness platform Peerfit. The terms of the contract have not been disclosed. Ed Buckley, the founder of Peerfit, will continue his current role as CEO.
Funded by the Los Angeles-based company last year, it gained 10 million users with an app that offers a personalized fitness and wellness program. The app includes training with several partners, including Orangetheory Fitness. Kinsey Zumba, celebrity ambassador Gabrielle Union Wade, Julianne Hough, Jonathan Van Ness, Halle Berry, Lindsey Vonn and more.
Founded by a team of former Fitbit executive Lindsay Cook and AllTrails founder Russell Cook, the app was released two years ago with the mission of approaching wellness in a comprehensive and affordable way for people. it was done. The duo aims to provide easily accessible premium fitness content along with a social fitness experience that helps people find motivation.
“Our focus is on leveraging the ubiquitous nature of smartphones to provide everyone with a gym in their pockets and a unique social experience,” said FitOn CEO Lindsay Cook on TechCrunch. Told to. “Exercise and activity are an essential part of keeping us healthy and feeling good, but like many executives, we are all too busy to exercise. Founded FitOn in 2019 because we wanted to provide people with an affordable and comprehensive way to approach wellness by putting them at the top of their to-do list. “
Image credit: FitOn
According to Cook, the acquisition of Peerfit integrates both home fitness and in-gym fitness to support the health and wellness needs of employees and Medicare recipients as well as consumers. Peerfit connects employers, brokers and insurance companies to local fitness experiences and wellness services, with more than 13,000 employer customers. Cook states that by integrating Peerfit into FitOn, the company can accelerate its enterprise business.
Regarding new funding, Cook states that FitOn will use part of its investment to execute Peerfit transactions and continue to invest in enterprise products. The company will also use some of its funding to expand its team and drive international growth in both consumer and corporate wellness markets. Participation from Accel, Maverick Ventures, Second Avenue Partners, Mantis VC, and funding rounds UTA VC, a venture fund of United Talent Agency.. The new investment will bring the company’s total funding to $ 70 million.
According to Cook, FitOn is experiencing accelerating growth in the digital fitness industry during the pandemic, with a significant increase in training and subscriptions. With FitOn, we’ve tripled the number of friends we work out with. The company’s goal is to enable 100 million members to work on FitOn each week. For the future, Cook says FitOn is focused on reducing barriers and enabling people to fully engage in health and wellness.
“We are focused on continuing to innovate in premium content, creating a more personalized fitness experience, expanding internationally and providing unparalleled social accountability to everyone. “Masu,” said Cook.
The company’s Series C investment follows the $ 18 million Series B funding announced in October 2021. The round was led by Delta-v Capital with the participation of existing investors Accel, Telstra Ventures, Crosscut Ventures, Maverick Ventures and Second Avenue Partners.
