Fitness App FitOn Raises $40 Million, Buys Corporate Wellness Startup Peerfit

Keerthi Vedantam

Keerthi Vedantam is a bioscience reporter at dot.LA. She cut her teeth covering everything from cloud computing to 5G in San Francisco and Seattle. Before she covered tech, Keerthi reported on tribal lands and congressional policy in Washington, D.C. Connect with her on Twitter, Clubhouse (@keerthivedantam) or Signal at 408-470-0776.

Fitness App FitOn Raises $40 Million, Buys Corporate Wellness Startup Peerfit
Photo by Jonathan Borba on Unsplash

FitOn, a West Hollywood-based fitness app offering at-home workouts, has raised $40 million in new funding through a Series C round and acquired corporate wellness platform Peerfit, it announced Tuesday.


Colorado-based investment firm Delta-v Capital led the round and was joined by investors Accel, Maverick Ventures and Second Avenue Partners. Also participating was Mantis VC, the venture firm launched by electronic music group The Chainsmokers, and Beverly Hills-based United Talent Agency. The Series C takes FitOn’s total funding to $70 million to date.

FitOn has made its name by offering at-home workouts led by celebrities like Halle Berry, Gabrielle Union-Wade, Lindsay Vonn and Julianne Hough. The app has grown to over 10 million users since launching in 2019.

Since the pandemic shuttered public gyms, numerous tech-enabled platforms have flooded the market for in-home fitness classes. Mindbody, a software company for gyms and fitness studios, surveyed 700 users and found that the number of users who livestreamed workouts jumped to 80% in 2020, from only 7% in 2019.

Peerfit’s business model adds to FitOn’s offerings as pandemic restrictions lift and in-person gyms ramp back up in popularity. The Tampa, Fla.-based startup partners with gyms and fitness studios like Life Time and Barre3, and is used by more than 13,000 employers to provide their employees with fitness benefits through their health care plans. Financial terms of the acquisition were not disclosed.

"Given the new normal of hybrid and remote work, we believe—now more than ever—that it is critical to create accessible, personalized health and fitness solutions," FitOn co-founder and CEO Lindsay Cook said in a statement.

Subscribe to our newsletter to catch every headline.

Cadence

Plus Capital Partner Amanda Groves on Celebrity Equity Investments

Minnie Ingersoll
Minnie Ingersoll is a partner at TenOneTen and host of the LA Venture podcast. Prior to TenOneTen, Minnie was the COO and co-founder of $100M+ Shift.com, an online marketplace for used cars. Minnie started her career as an early product manager at Google. Minnie studied Computer Science at Stanford and has an MBA from HBS. She recently moved back to L.A. after 20+ years in the Bay Area and is excited to be a part of the growing tech ecosystem of Southern California. In her space time, Minnie surfs baby waves and raises baby people.
PLUS Capital​’s Amanda Groves.
Courtesy of Amanda Groves.

On this episode of the L.A. Venture podcast, Amanda Groves talks about how PLUS Capital advises celebrity investors and why more high-profile individuals are choosing to invest instead of endorse.

As a partner at PLUS, Groves works with over 70 artists and athletes, helping to guide their investment strategies. PLUS advises their talent roster to combine their financial capital with their social capital and focus on five investment areas: the future of work, future of education, health and wellness, the conscious consumer and sustainability.

Read more Show less

Rivian Stock Roller Coaster Continues as Amazon Van Delivery Faces Delays

David Shultz

David Shultz is a freelance writer who lives in Santa Barbara, California. His writing has appeared in The Atlantic, Outside and Nautilus, among other publications.

Rivian Stock Roller Coaster Continues as Amazon Van Delivery Faces Delays
Courtesy of Rivian.

Rivian’s stock lost 7% yesterday on the back of news that the company could face delays in fulfilling Amazon’s order for a fleet of electric delivery vans due to legal issues with a supplier. The electric vehicle maker is suing Commercial Vehicle Group (CVG) over a pricing dispute related to the seats that the supplier promised, according to the Wall Street Journal.

Read more Show less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending