Acrew Capital leads USD29.5m round into Paceline
Acrew Capital and Mubadala Capital have invested USD29.5 million in a Series A financing round for San Francisco-based health and wellness platform Paceline, which rewards its users for exercising with financial incentives.
The round was led by Acrew Capital, with participation from Mubadala Capital along with existing investors, and the firms will aim to guide the platform's expansion and support scale amid growing consumer demand, according to the company.
Fitness-technology app Paceline will specifically use the fresh capital to build out its team as the company expands their rewards program, and intends to extend the rollout of a full embedded financial platform later this year.
“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,” comments Joel Lieginger, CEO and founder of Paceline.
Research suggests that the majority of chronic diseases could be avoided through changing lifestyle, and Paceline’s vision is to leverage retail health and wellness brands and financial services towards this objective.
“Acrew believes in supporting a new breed of companies that are looking to rebuild financial services from the ground up to better serve humanity,” says Lauren Kolodny, founding partner at Acrew Capital.
“Paceline has the opportunity to create a new category that encourages consumer wellness, both health and financial,” she adds.
With existing user growth and engagement already underway, the next step towards fulfilling the brand’s vision is the upcoming launch of a health and wellness rewards credit card, where cardholders will earn high value rewards for their physical activity.
Paceline intends to position the card to make health and wellness more accessible to the masses, in the same way travel reward products have done for the travel sector.