The Los Angeles based digital fitness and wellness company FitOn has recently raised $40M in capital from a Series C funding round, along with the acquisition of Peerfit, a Tampa-based corporate wellness platform. The goal of FitOn is to provide better accessibility to fitness for people who are generally more busy lifestyles and are able to “leverage the ubiquity of a smartphone to provide every single person with a gym in their pocket.”
The acquisition of Peerfit is aimed at tackling growth in both the consumer and corporate wellness markets and helps with FitOn’s overall mission of getting 100 million members working out each week on the platform. The company is also utilizing a portion of its newly raised funds to fuel international growth and continually enhance the platform to make more personalized fitness experiences for its users. FitOn brings experience from its current CEO, former FitBit executive, Lindsay Cook and AllTrails Founder, Russell Cook.
It is anticipated that the pandemic will continue to push the growth of digital fitness platforms such as FitOn and Peerfit, along with more corporations with health and wellness programs providing employees with more opportunities. Paired with the ease of accessibility through a smartphone, venture capitalists are also poised to continue making investments in this area of wellness and universality.
Quazar was not involved in the transaction of Peerfit.
Read more here: https://techcrunch.com/2022/02/15/fitness-app-fiton-raises-40m-acquires-corporate-wellness-platform-peerfit/
