Peerfit, the Tampa-based digital health startup, has secured another multimillion-dollar funding deal.
An $18 million Series C funding deal with Peerfit closed March 18, according to Virgo Investment Group managing director Pooja Goel in an interview with the Tampa Bay Business Journal. The investment group is based out of Silicon Valley. The clincher for the deal was Peerfit's recent foray into the Medicare space with Peerfit Move, tailoring its fitness offerings for seniors.
"We love what they're doing in the space — in the commercial side and Medicare side," Goel said. "The offerings have been frankly outdated and fail. On the senior side, it brings to seniors with loneliness and depression and that's the peer element."
The partnership started roughly 10 months ago, when a Virgo Investment Group employee connected with Peerfit at a gala hosted by fellow Peerfit investor and Tampa Bay Lightning owner Jeff Vinik.
"The Tampa community is pretty tight knit, there's this great camaraderie in helping other businesses," Goel said, adding the investment group will be keeping Florida in mind for future investments. "I only do health care investments but yes, I think Florida is very active in senior areas. So I would not be surprised if we did more investments in that area; it wouldn’t surprise me at all."
Goel is also added the board of directors of Peerfit. She will be the first woman on the Peerfit board and will focus on Peerfit Move.
"You know how important culture is to Peerfit and everyone we met matched our energy," said Peerfit CEO and chairman Ed Buckley told the TBBJ. "And it seemed like a perfect culture fit. Culture doesn’t end at the company, it extends to the board. It's a win-win for everyone involved."
Peerfit was created in 2014 and now has more than 12,000 employers in its program. Its previous investors include the Boston Celtics and Tampa Bay Lightning owner Jeff Vinik. The company provides a digital platform for employers to offer health and fitness benefits to their workers.
Buckley said the latest investment will go to further develop the Medicare aspect of Peerfit's offerings as well as international expansion.
"A majority of funding is for expansion of new areas for us," he said. "Medicare is a hot topic and the Peerfit product is catching attention from all of major health plans as well as our core product. There's no doubt Peerfit right now is the buzz of the town as we talk to [companies providing] health plans big and small."
