Fitness app Fitmint raises USD 1.6 mn in funding round led by General Catalyst

New Delhi: Bengaluru-based startup Fitmint on Wednesday said it has raised USD 1.6 million in a seed funding round led by General Catalyst.

Fitmint is a 'Move-to-Earn' startup with in-built NFT gaming and social-fi elements where users can earn rewards in crypto/NFTs by engaging in physical exercises such as walking, running or working out.

"Bengaluru-based Move-to-Earn (rewarding users for engaging in physical exercises) startup Fitmint has announced raising seed funding of USD 1.6 million from multiple VCs and institutional investors," the fitness app said in a statement.

This seed fundraising round was led by international venture capital firm General Catalyst, and also saw participation from iSeed, Kearny Jackson, Dweb3 and 1947 Rise, among others.

Prior to this fundraise, the startup was bootstrapped, an industry term that typically refers to entrepreneurs building-on a company with their own finances or operating revenues of the new company.

Fitmint will be using the amount raised, for their hiring and team expansion, marketing and optimising tech infrastructure, the company said.

"... The startup has already started generating revenue; and with the growth boost received due to the fundraise, they are targeting to generate USD 12-15 million revenue by end of the current fiscal year, that is FY 2022-23," it said.

Speaking on the fundraise, Rohit Sharma, Co-Founder and 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." The funding will enable the company to onboard the suitable talent at Fitmint, as well drive improvements in the technology and product aspects.

"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," Sharma pointed out.