Peerfit, a Tampa Bay area company that makes a digital platform for fitness benefits, announced this morning that it has closed an additional $8 million in funding, bringing the company’s total backing to more than $23 million. The round was led by returning investors Ark Applications and PAR.
"What this round represents for us is bringing in highly leveraged partners and resources to continue our mission to redefine wellness,” Ed Buckley, CEO of Peerfit, told MobiHealthNews in an email statement. “With our growth in the past two years, we now serve people in nearly every single state in the US, large national clients, and see ourselves as the market leaders helping to drive engagement and build the bridge between carriers, employers, and the fitness industry in a data-driven way."
Peerfit’s benefits platform allows companies to offer their employees access to a network of participating fitness studios. Employees receive credits which can be redeemed for classes of various skill levels. Employer-provided wellness plans can purchase these credits in bulk, or on a per-use basis so that they are only required to pay for those employees who engage with the platform. Peerfit also offers an online dashboard to streamline class browsing and reservations, or send department-wide class invites to better engage employees.
According to the announcement, Peerfit employs nearly 70 people, has expanded its Peerfit Studio Network to 46 states, and grown its average rate of return five times since the beginning of this year. Today’s announced funding is expected to support additional growth.
Also joining the company’s roster of investors is Boston Celtics owner Wyc Grousbeck through his sports tech-focused investment group, Causeway Media Partners. Grousbeck, who will be joining the Peerfit’s board, is now the second major league sports team owner to back the business following the Tampa Bay Lightning’s Jeff Vinik.
“At Causeway we look for companies with great leadership and impressive performance in growing markets,” Grousbeck said in a statement. “Peerfit has all of that and more. We are very glad to partner with Ed and his team, and legendary investor (and my good friend) Jeff Vinik on their exciting mission to completely redo and improve corporate and individual wellness.”
This morning’s funding announcement comes not long after Peerfit’s $10.3 million closure in January, which included the appointments of Vinik and Lee Arnold, executive chairman of Colliers International Florida, to Peerfit’s board.