Peerfit, the Tampa-based digital health startup, has raised $10 million in its quest to receive a Series D round.
The company, which connects employers and employees with group-oriented fitness spaces, raised $18 million in a Series C round in March 2019, has now raised $10 million in a bridge round led by Tampa Bay Lightning owner and startup supporter Jeff Vinik, along with California-based Virgo Investment Group.
Vinik led Peerfit's Series B round and Virgo led the company's Series C round. While Peerfit CEO Ed Buckley could not disclose just how much of the funds came from Vinik and Virgo, he did say a portion of the $10 million came from the company's shareholders.
While the investment amount is not typically seen in Tampa Bay startup deals, Buckley stated Peerfit does not follow the usual area standards.
"It's a big round in Tampa, but we’re playing a bit of a different game," he said. "I hope that we serve as a beacon of what's coming; I hope we’re not an anomaly or an outsider. I hope we’re the first of many to come and the rounds they're doing, the talent they're attracting, contracts we're closing. I hope we serve as a pioneer of the new age startups and hope to blaze a path that others can head down."
He said he hopes a future Series D funding will be "three to four times" as large as this bridge round and he hopes to close that round by mid-year.
"We had to go uphill in finding capital and partners, but now look at what we're able to do and others are able to do," Buckley said. "Our team is proud to be a part of the direction Tampa is going on."
While the company has not hit the cash-flow positive mark and remains in the growth phase, Peerfit employs roughly 150 employees and is in 13,000 locations; between 20 to 30 of its employees are local. Buckley hopes the latest bridge round will help the company hit the "1 million life mark," or 1 million people who pay for Peerfit. He did not disclose an exact amount, but said the company is at around roughly half of that right now.
"What this round represents is locking down our 2021 numbers," he said. "With insurance, you do the sales ahead of time and we would like to cross the million life mark sometime this year."
The year has kicked off in a big way for the company already: On Jan. 1, it launched its Peerfit Move offering, which targets those 65 years old and older.
