the venture capital firm HealthX Ventures. Two other participating investors were Jay Jensen and Drew Madden, who formerly served as president of Nordic and is now with the upstart Evergreen Healthcare Partners.
Braddock says he expects the seed round will fund Kilter’s operations through the end of next month. The startup is currently working to raise an additional $75,000 in convertible debt, and possibly a larger round after that.
Kilter graduated from two accelerators this year: gBETA, which is run by Wisconsin-based gener8tor, and the Madworks Seed Accelerator.
There is plenty of competition in the rewards sector. Gold’s Gym and other national fitness chains have their own loyalty programs, though Kilter’s model is slightly different in that it works with a variety of exercise facilities and wellness partners.
Braddock says another competitor is American Specialty Health’s ExerciseRewards program, which allows users to earn rewards for checking into and working out at participating gyms. However, that program is only open to members of health plans from insurers that American Specialty Health works with, meaning it is also an indirect competitor of Kilter, he says.
One feature Kilter would like to add to its software is integration with wearable gadgets that measure things like step count and heart rate.
“If you have a Fitbit and we integrate with them, we can give you your rewards based on the distance you go, steps you take, calories you burn,” to name a few examples, Braddock says. But, he says, the first step and “easiest route” for the time being is working with gyms.
