Maryland-based corporate wellness tech startup BurnAlong Inc., which offers web and app-based fitness and wellness classes as a benefit, is eyeing a Series A round worth millions this year, Washington Business Journal reports.
Co-founder and co-CEO Daniel Freedman told the outlet that the company is planning a Series A round toward the end of this year in the $15 million-to-$20 million range. So far, the business has raised $5 million from a range of investors including Johns Hopkins University, private equity fund Brown Advisory and the Abell Foundation, in addition to doctors who find promise in its model, and friends and family.
“We know the model works; it’s now, let’s really pour the oil on the fire and expand.”
With proof of concept established, the funding would be used to scale in Greater Washington, as well as nationally and internationally, Freedman told the outlet. “We know the model works; it’s now, let’s really pour the oil on the fire and expand.”
The company, which launched in 2017, plans to realize this growth through expanding its base of corporate clients and establishing partnerships with more physicians and wellness professionals across the U.S. Currently the company works with Montgomery County, which is using BurnAlong for all county employees, as well as Kaiser Permanente, UnitedHealthcare Inc., professional sports teams such as the Baltimore Ravens, big hospital systems, small accounting firms and more. Freedman told the outlet that he expects universities to also join this roster.
“We’re in the midst of rolling out, or gearing up to work with, companies across the D.C. area, from government to technology companies to consulting firms to law offices,” Freedman said.
The product’s current group of instructors span 40 categories — including nutrition, mindfulness, tai chi, stress management, cardio and yoga. BurnAlong’s social component allows users to take classes via their personal devices and invite family or friends for private lessons, according to the outlet.