Peerfit, the US-based employee fitness scheme provider backed by industrial materials processor PAR Group, received $18m in series C funding from investment firm Virgo Investment Group on Tuesday.
Founded in 2011, Peerfit has developed an online platform that enables insurance carriers, brokers and employers to offerfitness class es and gym access to employees as part of their corporate benefit packages. Users can also buy individual subscriptions and book classes through an app.
Part of the initial series C funding will be used to develop Peerfit Move, a service designed to support national health insurance plan Medicare Advantage. Virgo managing director Pooja Goel has joined Peerfit’s board of directors in conjunction with its investment.
PAR Group and private equity firm Ark Applications co-led an $8m funding round for Peerfit in September 2018, participating alongside Causeway Media Partners and various angel investors.
The company said the September round increased its total funding to $23m and identified PAR and Ark as existing backers. It had closed $10.3m in series B financing in January 2018.
Florida Funders completed a $400,000 investment in Peerfit in 2016, adding to $1.1m the company had raised from 17 unnamed investors earlier the same year, according to a regulatory filing.