Digital health and wellness firm FitOn has raised $40 million in Sequence C funding led by Delta-v Capital, the corporate introduced on Tuesday. FitOn can be increasing its attain in wellness by buying Tampa-based company wellness platform Peerfit. The phrases of the deal weren’t disclosed. Peerfit founder Ed Buckley will keep on in his present position as CEO.
The funding comes because the Los Angeles-based firm hit 10 million customers final yr for its app, which gives personalised health and wellness applications. The app consists of exercises with a number of companions together with Orangetheory Health, KINRGY, and Zumba, together with celeb ambassadors Gabrielle Union-Wade, Julianne Hough, Jonathan Van Ness, Halle Berry, Lindsey Vonn and extra.
Based by the husband-and-wife staff of former Fitbit government Lindsay Cook dinner and AllTrails founder Russell Cook dinner, the app launched two years in the past with a mission to offer individuals an reasonably priced and inclusive method to method wellness. The duo goals to supply premium health content material that’s simply accessible, with a social health expertise that helps individuals discover motivation.
“Our focus has been leveraging the ubiquity of the smartphone to supply each single particular person with a health club of their pocket and social expertise they’ll’t discover anyplace else,” FitOn CEO Lindsay Cook dinner instructed TechCrunch. “Understanding and being lively is an integral a part of what helps us keep wholesome and really feel good, however identical to many executives, I discovered we’re all typically too busy to work out. I based FitOn in 2019 as a result of I needed to offer individuals an reasonably priced and inclusive method to method wellness by placing themselves first on their to-do checklist.”
Picture Credit: FitOn
Cook dinner says the acquisition of Peerfit brings collectively each at-home and in-the-gym health to assist the well being and wellness wants of shoppers, in addition to workers and Medicare recipients. Peerfit connects employers, brokers and insurance coverage carriers to native health experiences and wellness companies and has greater than 13,000 employer clients. Cook dinner says that by integrating Peerfit into FitOn, the corporate will have the ability to speed up its enterprise enterprise.
By way of the brand new funding, Cook dinner says FitOn will use a portion of the funding to execute the Peerfit transaction and proceed to spend money on its enterprise product. The corporate will even dedicate a number of the funding to broaden its staff and gasoline progress internationally in each the patron and company wellness markets. The funding spherical included participation from Accel, Maverick Ventures, Second Avenue Companions and Mantis VC, together with a strategic funding from United Expertise Company’s enterprise fund, UTA VC. The brand new funding brings the corporate’s whole funding to $70 million.
Cook dinner says FitOn has seen accelerated progress within the digital health trade throughout the pandemic and that it has skilled a major improve in exercises and signups. FitOn additionally noticed a 3 times improve in buddies figuring out collectively. The corporate’s objective is to get 100 million members figuring out every week on FitOn. Relating to the long run, Cook dinner says FitOn is targeted on lowering obstacles and empowering individuals to completely have interaction of their well being and wellness.
“We’re centered on persevering with to innovate on premium content material, creating extra personalised health experiences, increasing internationally, and offering each single particular person with social accountability they’ll’t discover anyplace else,” Cook dinner stated.
The corporate’s Sequence C funding follows its $18 million Sequence B funding introduced in October 2021. The spherical was led by Delta-v Capital, with participation from present traders Accel, Telstra Ventures, Crosscut Ventures, Maverick Ventures and Second Avenue Companions.