Peerfit raises $18M from Virgo Investment Group

Along with expanding its brand and business, the new funding will also go toward support of the company's Medicare Advantage product, Peerfit Move.
By Dave Muoio
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, a Tampa Bay area company that makes a digital platform for fitness benefits, has kicked off its Series C funding round with an $18 million raise from Virgo Investment Group, according to a release. The new investment brings the company’s total backing to more than $40 million.

With this, Virgo’s managing director, Pooja Goel, will also be joining Peerfit as its first female board member.

WHAT THEY DO

Peerfit’s standard employer-provided benefits platform offers both bulk and per-use token purchases, each of which is supported by an online dashboard to streamline class browsing and reservations, or send department-wide class invites to better engage employees. The service currently provides access to gyms and fitness studios across most US states.

As of November, the company has also a direct-to-consumer version of its platform available that runs $8.95 per month the cost of additional class credits.

WHAT IT'S FOR

According to the announcement, Peerfit will be using its new funds to expand its brand and lock down more employer customers. In addition, the company will also be continuing its pursuit of the Medicare Advantage market with Peerfit Move.

MARKET SNAPSHOT

Peerfit has been enjoying a steady stream of investor support, with raises of $8 million in September and $10.3 million in the beginning of 2018. But its competitor ClassPass is making moves as well, having raised $85 million last July and acquired GuavaPass this January in its pursuit of the global fitness market. Meanwhile, Peloton, Mirror, Fiit and other companies offering in-home fitness classes and routines are gaining steam as well.

ON THE RECORD

"Peerfit has identified a unique need in the employer wellness and Medicare space, building an offering that appeals to employees, seniors, employers, and health plans,” Goel said in a statement. "Peerfit's culture immediately aligned with ours and they share a similar belief in raising reputational capital; creating a partnership where we can disrupt and innovate. We are proud to partner with Peerfit and look forward to supporting their growth in every way possible."