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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.
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