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

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.

https://twitter.com/KeerthiVedantam
keerthi@dot.la

Subscribe to our newsletter to catch every headline.

Cadence

Genies Wants To Help Creators Build ‘Avatar Ecosystems’

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Genies Wants To Help Creators Build ‘Avatar Ecosystems’

When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”

The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.

Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.

Read moreShow less

Here's What To Expect At LA Tech Week

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Here's What To Expect At LA Tech Week

LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.

The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.

From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.

Read moreShow less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending