Fitmint, a fitness app, secures a $1.6 million investment round from General Catalyst

29 Jun 2022 , 02:02 PM

With built-in social-fi and NFT gaming features, Fitmint is a "Move-to-Earn" startup where users can earn rewards in crypto/NFTs by exercising physically, such as walking, running, or working out.

Fitmint, a business with offices in Bengaluru, announced on Wednesday that it has secured $1.6 million in a seed fundraising round headed by General Catalyst. With built-in social-fi and NFT game features, Fitmint is a "Move-to-Earn" business where users may earn incentives in
crypto/NFTs by exercising physically, such as walking, jogging, or working out.

According to a release from the fitness app, "Bengaluru-based Move-to-Earn startup Fitmint has announced raising seed funding of $1.6 million from different VCs and institutional investors." Fitmint rewards users for exercising. General Catalyst, an international startup capital firm, led this round of seed funding. Other investors were iSeed, Kearny Jackson, Dweb3, and 1947 Rise.

The startup was bootstrapped before this funding round, a term used in the business world to describe business owners who expand an existing company using their own funds or operating profits. According to Fitmint, the funds obtained will be used for team growth and hiring, marketing, and technology infrastructure optimization.

According to the statement, "The firm has already begun to create income; and with the growth boost received as a result of the fundraise, they are targeting to generate USD 12—15 million in revenue by the conclusion of the current fiscal year, which is FY 2022—23."

The money will help the business hire the right people for Fitmint and advance technology and product advancements. In the future, Sharma noted, "We are developing many additional interesting things for the Fitmint community, such as fitness wearable integration to enable tracking all types of physical activity and integration of SocialFi to bring social, fitness, and money together for the first time ever."