In its maiden fundraising round, Bengaluru-based Move-to-Earn (rewarding users for engaging in physical exercises) startup Fitmint has announced raising seed funding of US$ 1.6 Million from multiple VCs and institutional investors. This seed fundraising round was led by renowned international venture capital firm General Catalyst, and it also witnessed participation from iSeed, Kearny Jackson, Dweb3 and 1947 Rise, among others. Prior to this fundraise, the startup was bootstrapped.
Fitmint will be using the amount raised for their hiring and team expansion, marketing and optimizing tech infrastructure. Notably, the startup has already started generating revenue; and with the growth boost received due to the fundraise, they are targeting to generate US$ 12-15M revenue by end of the current fiscal year, i.e. FY 2022-23.
Speaking on the fundraise, Rohit Sharma, Co-Founder & CEO, Fitmint said, “We at Fitmint are happy and glad to receive our first-ever seed funding — which is going to play a massive role in driving and bolstering our mission and vision to create a world where billions of people get fit every day, while being onboarded to the web3 fitness arena in a frictionless manner. Furthermore, this funding will enable us to onboard the right talent at Fitmint, as well as in improving the technology and product aspects in order to provide cutting-edge, superlative experiences to our users. Going forward, we are building many other exciting things for the Fitmint community such as fitness wearable integration to enable tracking all kinds of physical activities and integration of SocialFi to bring social, fitness and finance together for the first time ever.”
Viren Baid, Co-Founder, Fitmint adds, “We at Fitmint aim to nudge people to adopt a healthy and active lifestyle alongside aligning them with the wonders of Web3; and the current fundraising round is a momentous milestone in the same direction. To achieve our mission, we believe that web 3 offers a perfect blend of tools like NFT gaming, native digital currency, community effect etc. as well as the interesting elements of game-fi, social-fi and real money rewards. Also, we are linking a person’s essential daily activity to web3, which enables us to bring mass adoption to web3 in the most frictionless manner. With Fitmint, the revolution in fitness has just started off, and is bound to go a long way further in the times to come.”
Categories: Seed Funds