Fitmint on Thursday announced that it has raised seed funding of US$ 1.6 Million from multiple VCs and institutional investors. According to the company’s press statement, 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, it claimed.
“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,” it stated.
“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,” Rohit Sharma, Co-Founder & CEO, Fitmint said in a statement.
“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,” Viren Baid, Co-Founder, Fitmint said in a statement.
“It is no secret that some of the fastest growing software companies today are being built globally, including out of India. This ‘built in India, for the world’ theme, focused on high-quality products built by some of the most ambitious founders, has a growing set of believers. We believe that Web3/Crypto will increasingly be one of the categories which these founders will choose to build in. These founders will be ‘crypto-native’ and understand which models work (and which ones don’t), take the time to study a space deeply to create a ‘second-mover’ advantage and will focus on building a real business driven by consumer need, not on the web3 hype. This also stands true for Fitmint; and hence today we are excited to lead the seed round in Fitmint and be an early believer in the company,” Anand Chandrasekaran, Partner at General Catalyst stated.
Started in January this year, Fitmint brings together fitness and blockchain/NFT/web3 and its flagship app was publicly launched last month. The Fitmint app – which is currently live on both iOS and Android — is growing its user base very quickly, with 85 percent of its total users coming to the app and burning calories every day.