Peerfit, the market leader in connecting employers and carriers with flexible fitness experiences, announced today the closing of an $8 million funding round. Veteran Peerfit investors Ark Applications and PAR, Inc led the round.
This round includes not only a new investor, but another professional sports team owner to their group of investors. Wyc Grousbeck, the Boston Celtics’ owner, and his investment group, Causeway Media Partners, joined as a majority investor in the round. Grousbeck, whose investment firm focuses on sports technology companies, is making the jump into the wellness space with Peerfit. Grousbeck will also be joining the Peerfit Board of Directors as a result of this investment.
Peerfit continues to level up their existing group of investors who doubled down and invested again during the round including Lee Arnold, Colliers International Florida Executive Chairman and Jeff Vinik, owner of the Tampa Bay Lightning (NHL). This funding round will help fuel growth for the digital health company, whose ARR has already increased 5x since the start of 2018.
“We are thrilled to continue to raise funds from individuals and small groups of like-minded, successful business people, without going the more traditional VC fundraising route up to this point,” said Peerfit CEO, Ed Buckley. “The caliber of investors we continue to add to our table speaks to the quality of the product and service we are building at Peerfit, helping to redefine wellness for employees across the country.”
Peerfit has raised more than $23 million, grown their team to nearly 70 people, and continues to expand their Peerfit Studio Network across 46 states.
“At Causeway we look for companies with great leadership and impressive performance in growing markets,” said Boston Celtics’ owner, Wyc Grousbeck. “Peerfit has all of that and more. We are very glad to partner with Ed and his team, and legendary investor (and my good friend) Jeff Vinik on their exciting mission to completely redo and improve corporate and individual wellness.”