Peerfit Secures $18M Series C Funding to Expand Corporate Wellness Platform

VCBeat (WeChat ID: vcbeat) recently learned that the U.S. fitness social platform Peerfit announced the completion of an $18 million Series C financing round, with investment from the private investment firm Virgo Investment Group. Notably, Pooja Goel, Managing Director of Virgo Investment Group, joined Peerfit’s board of directors following the investment. She also became the first female member of Peerfit’s board, primarily overseeing the company’s new product, Peerfit Move.

The company offers offline fitness courses (Source: Official Website)）

Peerfit is a Florida-based health tech company that partners with corporate employers to provide comprehensive fitness services for their employees. Through the company’s digital platform, employers can offer their staff access to a variety of gym-based fitness classes, such as boxing, dance, and yoga. This approach enables corporate teams to engage in physical exercise while fostering interpersonal communication among employees, thereby boosting morale and engagement.

In 2011, Peerfit was co-founded by Dr. Ed Buckley and Chief Operating Officer Adam Lowe. With nearly a decade of experience in the fitness industry, Dr. Buckley holds a Ph.D. in Digital Health Behavior from the University of Florida and a Master’s degree in Public Health. He has been continuously innovating in the field of fitness technology, passionate about designing new approaches to enhance flexibility and personalization in the healthcare market.

Since its inception, Peerfit has continuously received support from investors. The company completed a $1.2 million seed funding round in June 2016, a Series A financing round in April 2017, and a $10.3 million Series B financing round in January 2018. However, the company also faces intense market competition. Its rival, ClassPass, has been expanding steadily, completing an $85 million financing round in July 2018 and acquiring GuavaPass this past January to expand into the global fitness market. Meanwhile, Peloton, Mirror, Fit, and other companies offering fitness classes are also continually vying for market share.

Peerfit plans to use this funding to expand its core business, attract more employers and their employees, and continue to explore the market through Peerfit Move.

New Product: Peerfit Move (Source: Official Website)

“Peerfit has built a health platform that engages both employees and employers, starting from the health and cohesion of company staff. Peerfit aligns with our investment philosophy. We are proud to partner with Peerfit and support their continued growth,” said Pooja Goel at the press conference.

Virgo Investment Group is a private investment firm founded in 2009 and headquartered in California, United States. Adhering to the philosophy of value investing, the company focuses on helping its portfolio companies create value and specializes in investments in the healthcare, media and information services, and financial services sectors.

Reference Link:

https://peerfit.com/

https://stpetecatalyst.com/peerfit-gets-18m-from-virgo-investment/

https://www.mobihealthnews.com/content/peerfit-raises-18m-virgo-investment-group

(Compiled by: Yang Shaobo)