SAN FRANCISCO--(BUSINESS WIRE)--Paceline, the retail health and wellness platform that incentivizes consumers to live a healthy lifestyle, today announced the close of a $29.5 million Series A financing round. The round was led by Acrew Capital, with participation from Mubadala Capital along with existing investors.
Following rapid user growth over the last year, Paceline will use the capital to build out its team as the company expands their rewards program and further extends the rollout of a full embedded financial platform later this year.
“Acrew believes in supporting a new breed of companies that are looking to rebuild financial services from the ground up to better serve humanity,” said Lauren Kolodny, Founding Partner at Acrew Capital. “Paceline has the opportunity to create a new category that encourages consumer wellness, both health and financial.”
Research suggests that the majority of chronic diseases could potentially be avoided through changing lifestyle factors. Paceline’s vision is to leverage retail health and wellness brands and financial services to become the ultimate payer of preventative health in society. With strong existing user growth and engagement, the next step towards this vision is the upcoming launch of a health and wellness rewards credit card, where cardholders will earn tailored, high value rewards for their physical activity in addition to their spending. Paceline aspires to position the card to make health and wellness more accessible to the masses, as travel reward products have done for travel over the last several decades.
“As part of our overarching mission to motivate people to take care of themselves, we’re reinventing traditional financial services models and re-orienting to an approach that works in favor of our customers,” said Joel Lieginger, CEO and founder of Paceline. “With this new round of funding and support from our investors, Paceline is well equipped to become the next-generation embedded finance platform that will provide real world benefits around health and wellness.”
Over the last fifteen months, Paceline has built a community of active individuals passionate about their wellness, motivated by the rewards, and invested in maintaining a healthy lifestyle. Paceline members have already logged over 20 million workouts, over 600 million exercise minutes, and increasingly longer streaks, with some early members maintaining 60+ weeks of consistent long-term activity. Since its beta launch last year, Paceline customers have earned more than 580 thousand rewards to more than 100 brand partners including Home Chef, Echelon, Hyperice, and Brownie Brittle, representing over $1.8 million in rewards value. Pacers can also donate rewards to Paceline’s charity partners, which include World Food Program USA, Black Lives Matter, Action for Healthy Kids, ASPCA and the Pat Tillman Foundation.
Additionally, Mark McCombe, investor and Senior Managing Director of BlackRock, will join the board, bringing more than 20 years of international finance experience to help guide Paceline.
“It’s incredibly exciting to see such a creative and novel approach that links health and wellness with tangible financial and other rewards,” said Mark McCombe. “I have watched this team from their earliest days, and truly believe we will change the way people will think about health and well-being.”
Current Paceline members will be first in line to sign up for the rewards credit card. Others are able to sign up for the waitlist here: https://paceline.fit/card/. For more information about Paceline, visit https://paceline.fit/
Paceline is the first retail health and wellness platform that incentivizes consumers to live a healthy lifestyle. Paceline’s mission is to bring the worlds of physical and financial rewards together by incentivizing people to be active with curated offerings from health and wellness brands that yield healthier people and more valuable customers to partners of all kinds. Consumers earn health and wellness rewards for 150 minutes of elevated heart rate a week. Current investors include Acrew Capital, Mubadala Capital, Montage Ventures, Propel Venture Partners, Northwestern Mutual Future Ventures, GreatPoint Ventures, Courtside Ventures, Lux Capital, MS&AD Ventures, Clocktower Technology Ventures, NextView Ventures, and angels including Mark McCombe, Senior Managing Director at BlackRock, in his personal capacity.