Peerfit, Tampa, Florida, has received an $18 million investment from private equity firm Virgo Investment Group, Palo Alto, California, opening the digital health company's Series C funding round. As part of the investment, Virgo Managing Director Pooja Goel is joining Peerfit's board of directors.
"Peerfit has identified a unique need in the employer wellness and Medicare space, building an offering that appeals to employees, seniors, employers, and health plans," Goel said in a March 19 media release. "Peerfit's culture immediately aligned with ours, and they share a similar belief in raising reputational capital [and] creating a partnership where we can disrupt and innovate. We are proud to partner with Peerfit and look forward to supporting their growth in every way possible."
Peerfit will leverage the investment to expand its offerings, according to the release. This includes Peerfit Move, a new fitness benefit that will be available to Medicare Advantage plan members in 2020. Peerfit also entered the consumer market in November 2018 with a pay-as-you-go subscription model that enables consumers to access their favorite health club and studio brands across 46 states.
Peerfit specializes in connecting employers and their employees to health club and studio brands via insurance carriers and self-funded wellness dollars. More than 12,000 employers and 200,000 employees in the United States are funding Peerfit exclusively through corporate wellness programs.
"We couldn't be more pleased to be partnering with Virgo and to be welcoming our first female to the board," Peerfit CEO Ed Buckley III said in the release. "Pooja is going to be such an asset, and we look forward to learning from her insight and experience, especially as we continue to evolve and move Peerfit into the Medicare Advantage space. The whole Virgo team has been seamless to work with and we are excited to see where this partnership takes us."
Goel has over two decades of experience in the healthcare services industry and currently oversees Virgo’s healthcare investments, according to the release. Prior to Virgo, Goel was general manager for new business at Landmark Health.
Since 2009, Virgo has invested more than $1.1 billion with 54 completed investments.