Read the 18-page pitch deck a startup rewarding customers for staying fit used to nab a $5 million seed round from VCs, Northwestern Mutual, and a BlackRock exec

Advertisement

BEGIN ARTICLE PREVIEW:

Paceline is a health and wellness platform that rewards users for physical activity.
On Friday, the startup announced a $5 million seed round co-led by by Montage Ventures and Propel Venture Partners, with participation from Northwestern Mutual and a BlackRock executive. 
Check out the 18-page deck Paceline used to raise the seed round. 
Visit Business Insider’s homepage for more stories.

Earn while you burn. That, in short, is part of the pitch for health and wellness platform Paceline. The startup incentivizes users to work out, offering them rewards from brands like Whole Foods and Starbucks.On Friday, Paceline announced a $5 million seed round co-led by Montage Ventures and Propel Venture Partners, with participation from Northwestern Mutual and angel investor Mark McCombe, chief client officer at BlackRock. But Paceline’s ambitions go far beyond simply motivating users to log a few extra miles to earn a free cup of coffee. Joel Lieginger, the startup’s founder and CEO, told Business Insider that Paceline has plans to develop into a hub of highly curated financial products, including insurance and credit cards.Lieginger, who spent time at AIG and AIA before starting Paceline in 2019, said growing an initial customer base of people focused on health and wellness will pay off big down the line when the company starts rolling out products of its own.”Healthy people: they spend more, they stay longer, they claim or default less, and they’re happier through that entire experience,” he said. Currently, Paceline doesn’t offer any financial products. The startup has …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE