Ark Applications, LLC and PAR, Inc. announce strategic investment in Peerfit
Peerfit utilizes a streamlined flexible platform tailored to the exploding wellness market. Its distinctive model allows enrolled members to customize their wellness experience by purchasing a monthly subscription that can be applied to various classes within their own city or in other markets at the best market rate.
Reflecting on Peerfit's journey, CEO and cofounder Ed Buckley said, "Overall, we've made tremendous progress validating our model in the past year. We are now capitalizing on that momentum and looking for the right leverage partners to become a nationwide leader in our industry. To be a leader, that starts at home, with the right team around you, and we think adding Ark Applications and PAR as investors and advisors is the right move to make that happen."
Over the past decade, there has been enormous growth in the focused fitness marketplace as well as desire from consumers to control the choice and variety of their fitness experience. Peerfit has been able to successfully satisfy consumers' need for a mechanism to personalize a fitness plan. "The Ark Applications and PAR teams are delighted to be on this journey with Peerfit," said Daniel Greco, managing director of Ark Applications.
Recognizing that additional capital was required to build the infrastructure for a premium fitness marketplace, Peerfit recently opened a Series A offering to investors. "Series A was so popular we raised $1.2 million in about 30 days, so we decided to increase the original amount, which gave us the opportunity to work with the team at Ark Applications after months of building a relationship with them," said Buckley. "Not only did they get to join the investment round, but now we have access to their experience in building and growing a business like Peerfit."
"We are excited about investing and working with the leadership team at Peerfit. We strongly believe in their business model and their commitment to creating a personalized wellness experience for individuals and organizations. Their commitment is consistent with PAR's commitment to Creating Connections and Changing Lives," said Dr. R. Bob Smith III, CEO of PAR.
The terms of the agreement have not been disclosed.
For additional information on Peerfit, visit www.peerfit.com.
Peerfit is a health technology company started by University of Florida students and graduates. Peerfit is also a community that helps people discover the best fitness classes and motivates them to attend and share. For anyone who seeks freedom from the typical workout routine, Peerfit is the easy, flexible way to customize a premium fitness experience. Peerfit has built a network of the country's very best boutique fitness studios and offers access to them at a preferred rate. Led by a young duo of fitness enthusiasts, Ed Buckley, PhD, and Scott Peeples, Peerfit aims to empower, motivate, and encourage people to get and stay fit.
About Ark Applications, LLC
Ark Applications, LLC is a private equity and consulting firm dedicated to discovering companies in the Tampa Bay area that have the potential to be great. Its goal is to empower management teams to enhance performance, develop long-term growth strategies, and ultimately generate greater value. To learn more about Ark Applications, LLC, visit www.arkapps.com.
About PAR, Inc.
Founded in 1978, PAR is a leading publisher of assessment instruments, software, and other related materials. Over the past three decades, PAR has earned a reputation for providing customers with innovative assessment solutions and unparalleled customer service. To learn more about PAR's products, visit www.parinc.com or call (800) 331-8378.
Edward J. Buckley, III, PhD
CEO and Co-Founder
Ark Applications, LLC
Daniel D. Greco, II, MBA
Vice President of Marketing
Page Updated Last on: Sep 29, 2016