Paceline, which offers financial benefits for health living, has scored $5m in its seed round, which was co-led by Montage Ventures and Propel Venture Partners.
Additional support came from Northwestern Mutual Future Ventures, Courtside Ventures, GreatPoint Ventures, Lux Capital, Clocktower Technology Ventures and NextView Ventures. A couple of angel investors also participated, including BlackRock senior managing director Mark McCombe.
Paceline claims to be the only retail wellness platform that offers financial rewards and incentivises physical activity. The platform tracks physical activity through wearables and leverages customer spending data through a linked credit card, to build personalised health and wellness rewards.
The company aims to prevent people from getting ill by encouraging healthier living, by rewarding them with discounts from various brands, including Starbucks, Dunkin’ and Nike
Paceline CEO and founder Joel Lieginger said, “Having spent my career in insurance and banking, I know that healthier consumers are also better customers. They buy more, cost less, and drive substantially greater profitability across financial products.
“But our goal isn’t just to build a financial services company focused on healthy customers; we’re building a platform that helps people live healthier, longer, and better lives by giving them significant financial rewards and access to products and brands they love for doing the things that will improve their health both now and in the long run.”
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