Paceline Announces $5 Million Venture Capital Investment RoundDecember 4, 2020
The Company is the Only Retail Wellness Platform that Rewards Physical Activity with Financial Benefit
SAN FRANCISCO, Dec. 04, 2020 (GLOBE NEWSWIRE) — Paceline, the first retail health and wellness platform that incentivizes consumers to live a healthy lifestyle, has announced a $5 million seed investment co-led by Montage Ventures and Propel Venture Partners, with participation from Northwestern Mutual Future Ventures, Courtside Ventures, GreatPoint Ventures, Lux Capital, Clocktower Technology Ventures, NextView Ventures, and angel investor Mark McCombe, Senior Managing Director at BlackRock, in his personal capacity.
Paceline is the only retail wellness platform that rewards and incentivizes physical activity with material financial benefit from consumer health and wellness brands and retail financial services – from credit cards and banking to life and health insurance. The platform tracks physical activity through wearables and leverages customer spending data, accessed through a linked credit card, to curate health and wellness rewards. Paceline is using this data to build financial products from the inside out, starting with the first health and wellness credit card and dynamically priced life insurance products to change the nature of preventive health in society.
“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,” said Joel Lieginger, CEO and founder of Paceline. “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.”
Today, the majority of healthcare investment is focused on better treating those who are already chronically ill with conditions like diabetes and heart disease. Paceline was built to keep people from suffering from these chronic diseases in the first place. The company does this by providing significant incentives to live an active lifestyle, which is one of the most important contributors to long term health.
The financial services industry represents more than a third of total corporate profit worldwide, and building vertical finance through health and wellness and across credit, banking, and insurance represents an unprecedented market opportunity. Paceline is creating a flywheel that drives a virtuous cycle of shared value between consumers, health and wellness partners, and financial services products that is a win-win-win model that will change the nature of preventive health in society.
“We are thrilled to be supporting Paceline’s mission to promote healthier lifestyles. Physical and financial health are tightly connected for the overall…