Peerfit's digital fitness benefits platform closes $10.3M round

By Dave Muoio

Peerfit, a Tampa Bay area company that makes a digital platform for fitness benefits, has announced the closure of a $10.3 million Series B funding round.

The company's funding came entirely of private investors. Tampa Bay Lightning owner Jeff Vinik, Colliers International Florida Executive Chairman Lee Arnold, and PAR Inc. CEO and Chairman Bob Smith led investment funding throughout 2017.

Vinik and Arnold will also be joining Marc Blumenthal, Jim Philip, and Peerfit cofounders Ed Buckley, III, and Scott Peeples on the company’s newly announced Board of Directors.

“There’s going to be a quite a bit of hiring on the development side, both to support much greater usage but also really drive engagement and help us facilitate that kind of high-level of behavior change,” Peeples told MobiHealthNews. "One of the things we’re really proud of is that we really do help create fitness habits, and we to do that at scale by having a product that encourages those social interactions that build fitness habits.”

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 a statement, Peerfit more than doubled its team in 2017. Its network grew nearly 800 percent to more than 2,000 fitness studios during the same time, with overall fitness classes taken increasing by 241 percent as well.

“This [funding] is basically all going towards scaling our infrastructure,” Peeples said. “What we’ve seen over this past year is the rapid increase in both our demand and opportunity to execute on it. We’ve had some larger carriers start expressing interest — where the demands aren’t coming in one-by-one from employers anymore, it’s coming from the carriers who pay for those wellness programs. For 2018, those dollars are going to go towards meeting that demand from the carriers.”