Peerfit, a digital platform that makes it easy for insurance carriers, brokers and employers to offer boutique fitness classes to their clients and employees, has closed a $2.3 million bridge round. The round drew notable business leaders, along with healthcare and digital health veterans.
Owner of the Tampa Bay Lightning NHL team Jeff Vinik and founder of Outback Steakhouse Chris Sullivan are among the notable business leaders who invested during the round. Colliers International Florida Executive Chairman Lee Arnold, a longtime technology investor, led the round along with investors through Florida Funders’ online investing platform and at PAR/ARK Applications.
Industry veterans and innovators also contributed to the round, including two investors from New York City-based Frenkel Benefits, one of the largest independent employee benefit brokerage and benefit administration firms in the United States. Frenkel Benefits President Craig Hasday and Executive Vice President Adam Okun invested during the round. Rich Gallun, co-founder and former CEO of Chicago-based bswift, an industry leader in cloud-based technology and services for employee health benefits, also invested. Bswift was acquired by Aetna in 2014.
Digital health innovator Joseph Hodges, founder and president of Tampa-based INETICO and Care Valet, backed Peerfit during the round. Hodges is an industry pioneer who has created solutions that drive employee health and wellness initiatives while stabilizing health plan costs.
“After closing our Series A round in the fall of 2016, we were able to meet many of our sales goals quicker than anticipated. This bridge round will help us to carry forward our vision to redefine wellness for carriers and employers across the nation,” said Ed Buckley, III, Ph.D., CEO of Peerfit.
As part of its recent growth, Peerfit recently named two industry veterans, Todd Slawter and Adam Lowe, to executive leadership positions. As chief growth officer, Slawter will work to scale Peerfit’s sales team. Lowe, now chief technology officer, will work to further develop Peerfit’s infrastructure to support its rapid national expansion.
“We’ve strategically hired industry veterans who will help us refine our product and process to support our national expansion strategy and to best serve carriers, brokers and employers,” said Scott Peeples, president of Peerfit.
More than 30,000 people currently have access to Peerfit’s network of boutique fitness studios in more than 30 cities. Over the past month, the company has expanded its territory to include New York City, Los Angeles and Portland, Oregon, with additional expansions to major markets planned over the coming months.
In addition, the newly established partnership between Peerfit and MINDBODY (NASDAQ: MB), the leading provider of cloud-based business management software for the wellness services industry, makes it easier for fitness studios to locate and access corporate wellness programs in their communities while expanding the network of studios available to employers.
With this bridge round, Peerfit has raised nearly $5 million since 2011.
Peerfit is a digital platform that’s helping insurance carriers, brokers and employers redefine corporate wellness programs. Peerfit gives employees access to a network of premium fitness studios – offering a variety of classes that cater to all levels of fitness – using workplace wellness dollars. Companies only pay for employees who use Peerfit, which allows organizations to instantly upgrade their wellness programs without a premium price. For more information, visit Peerfit.com.