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

Bengaluru-based mostly startup Fitmint on Wednesday mentioned it has elevated USD 1.6 million in a seed funding spherical led by Common Catalyst.

Fitmint is a ‘Move-to-Earn’ startup with in-built NFT gaming and social-fi aspects wherever people can gain rewards in crypto/NFTs by participating in bodily physical exercises these kinds of as going for walks, functioning or performing out.

“Bengaluru-based mostly Transfer-to-Generate (satisfying end users for partaking in actual physical routines) startup Fitmint has introduced increasing seed funding of USD 1.6 million from several VCs and institutional traders,” the fitness app said in a assertion.

This seed fundraising spherical was led by international enterprise funds organization Typical Catalyst, and also noticed participation from iSeed, Kearny Jackson, Dweb3 and 1947 Rise, between some others.

Prior to this fundraise, the startup was bootstrapped, an market term that usually refers to business people setting up-on a business with their personal finances or operating revenues of the new corporation.

Fitmint will be using the total lifted, for their using the services of and workforce enlargement, advertising and optimising tech infrastructure, the corporation stated.

“… The startup has previously began generating profits and with the development enhance obtained due to the fundraise, they are concentrating on to create USD 12-15 million income by close of the existing fiscal 12 months, that is FY 2022-23,” it stated.

Speaking on the fundraise, Rohit Sharma, Co-Founder and CEO, Fitmint claimed, “We at Fitmint are happy and glad to acquire our first-ever seed funding — which is heading to play a massive function in driving and bolstering our mission and vision to build a entire world in which billions of people get fit every day, whilst becoming onboarded to the website3 exercise arena in a frictionless manner.” The funding will allow the firm to onboard the ideal expertise at Fitmint, as perfectly drive advancements in the know-how and product or service elements.

“Going ahead, we are constructing lots of other fascinating factors for the Fitmint local community these as fitness wearable integration to enable monitoring all sorts of bodily routines and integration of SocialFi to deliver social, fitness and finance collectively for the very first time ever,” Sharma pointed out.