A corporate wellness company based in Tampa Bay is growing quickly – enough to get another $10 million investment. The majority of the money is coming from two keen investors, who claim to know the company well.
Virgo Investment Group and Jeff Vinik, owner of Tampa Bay Lightning, are coming together to put $10 million into Peerfit, which is showing great promise as a profitable business. Peerfit is primarily based online and collaborates with as many as 16,000 employers. Through these employers, they offer employees access to over 13,000 gyms and fitness studios using workplace wellness funds. This allows workers access to a number of different opportunities to get fit that fall within their passions.
Last year, Peerfit bridged the gap between exercise and employee for approximately 250,000 patrons. This year, that number is 500,000, so they have doubled in size in roughly a year.
The company has hopes that by 2021, it will have an enrolment of 1 million patrons. While CEO Edward Buckley won’t say precisely what Peerfit’s revenues are, he has said that they are 10 times what they were two years ago.
The Sheer Growth of Peerfit
This time last year, Peerfit had just 98 employees. This number has grown to 150. Denver is the largest Peerfit base, and roughly 30 employees are based in Tampa. Naturally, all company employees work remotely, which means that there technically is no headquarters, just a start-up hub that can be found at Embarc Collective.
For a remote company, Peerfit seems to be taking the fitness world by storm. On a smaller scale, it’s difficult to imagine numbers like this for your business. However, there are ways to fund your growth so that you can scale your company in a way that you had envisioned.
Finding investors who are willing to put in as much as $10 million is a far-off dream for most. However, many small businesses still manage to scale their business with smaller, low-risk loans. One example of this is a personal loan, while another is a title loan.
Smaller Scale Business Loans
A personal loan is the type of loan that you would get from your bank or a credit lender. Because personal loans aren’t backed by collateral, they’re relatively insecure. Title loans, on the other hand, come with a bit more security because they are backed by collateral.
A title loan is a loan that is taken out against the value of your car. Title loan lending and title loan refinance options are available both in-person and online, which means that there are a lot of different ways to do it. Taking a loan out against the title of your car is low-risk, and typically offers flexible repayment options, so that you can prioritize your company before anything else.
Make sure to get second or third opinions when trying to find the best title loan quote for your business. They can vary greatly, so it’s essential to compare them against one another and safeguard your scalable business against any future hidden costs you hadn’t anticipated.