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Tampa health startup sells to celebrity-backed fitness app FitOn

Peerfit, which specializes in corporate wellness, joins a company with ties to Halle Berry and the Chainsmokers.
Peerfit keeps a workspace at startup hub Embarc Collective in Tampa. The corporate health and fitness startup has sold for an undisclosed sum to celebrity-backed fitness app FitOn.
Peerfit keeps a workspace at startup hub Embarc Collective in Tampa. The corporate health and fitness startup has sold for an undisclosed sum to celebrity-backed fitness app FitOn. [ DIRK SHADD | Times ]
Published Feb. 15, 2022

A Tampa corporate health startup has sold to the company behind one of the more popular fitness apps in Apple’s App Store.

Peerfit, which provides health and fitness programs for employers and health care providers, announced Tuesday that it has sold for an undisclosed sum to the celebrity-backed fitness platform FitOn.

Peerfit will remain based in Tampa, home to 14 of its 50 global employees. Since its founding in Gainesville in 2011, the company has raised about $48.6 million in funding, including multiple rounds led by Lightning owner Jeff Vinik. Employees mostly work remotely, though Peerfit does keep space at the Vinik-backed startup hub Embarc Collective.

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Peerfit had not been looking to sell, founder and CEO Ed Buckley said in an email. But the newly combined company will have a base of more than 1 million paid users, which Buckley said will help Peerfit get its products in front of a wider range of employers and employees.

“We were on a path to sustainability and were not in the market to do another deal unless it was really compelling,” Buckley said. “When we looked at all that FitOn has accomplished and considered what we could do as a team, bringing both at-home and digital fitness and well-being together under one entity, we knew this was a great opportunity.”

Founded in 2019, FitOn has raised more than $70 million over three rounds of funding, including a recent $40 million round that featured an investment from, among others, a fund owned by DJ duo the Chainsmokers.

The Chainsmokers are among a number of celebrities who’ve offered workouts and regimens through the app, including Halle Berry, Gabrielle Union-Wade, Julianne Hough and Lindsey Vonn. The app has racked up high ratings and earned “editor’s choice” badges from the App Store and Google Play.

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Peerfit is no stranger to big-name investors — in addition to Vinik, early backers include Outback Steakhouse co-founder Chris Sullivan and Boston Celtics majority owner Wyc Grousbeck. But the company’s bread and butter is corporate health care. It has more than 13,000 employer customers and partnerships with health care companies like Cigna, Aetna and Wellcare.

“During this time, both of our companies have worked so well together and our cultures have aligned,” Buckley said. “We look forward to all that we can accomplish in the future as one team.”