Paceline announced it had closed a $29.5 million Series A financing round. The round was led by Acrew Capital, with participation from Mubadala Capital and existing investors.
Paceline said it would use the capital to build out its team as it expands its rewards program and 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, Acrew Capital. “Paceline has the opportunity to create a new category that encourages consumer wellness, both health and financial.”
Paceline’s vision is to leverage retail health and wellness brands and financial services “to become the ultimate payer of preventative health in society.” Paceline recently announced plans to launch a health and wellness rewards credit card, where cardholders would earn tailored rewards for their physical activity in addition to spending.
“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, 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 members have logged “over 20 million workouts, over 600 million exercise minutes and increasingly longer streaks, with some early members maintaining more than 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, including World Food Program USA, Black Lives Matter, Action for Healthy Kids, ASPCA, and the Pat Tillman Foundation.
Mark McCombe, investor and senior managing director of BlackRock, will join Paceline’s Board, bringing more than 20 years of international finance experience to help guide Paceline.
