Sun. Aug 14th, 2022

Fitmint Raises $1.6 Million In Seed Funding

\]Fitmint, a Bengaluru-based move-to-earn startup, has raised $1.6 million in Seed funding led by General Catalyst. The round also saw participation from iSeed, Kearny Jackson, Dweb3 and 1947 Rise among others. The company will use the fund for hiring and team expansion, marketing and optimizing tech infrastructure.

“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 on boarded to the web3 fitness arena in a frictionless manner. Furthermore, this funding will enable us to on board the right talent at Fitmint, as well as an improving the technology and product aspects in order to provide cutting-edge, superlative experiences to our users,” said Rohit Sharma, co-founder and CEO, Fitmint.

The startup has already started generating revenue, and with growth booth received due to the fundraise, they are targeting to generate $12 to $15 million revenue by the end of the current fiscal year, FY22-23. In the last 4 to 5 months, Fitmint has also built a strong community of over 1 lakh members on Twitter and Discord coming from over 50 countries across the globe, claimed by the startup in a statement.

“We believe that web3 crypto will increasingly be one of the categories which the founders will choose to build in. These founders will be crypto-native and understand which model works, take time to study a space deeply to create 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,” said Anand Chandrasekaran, partner, General Catalyst.

Founded in 2022, Fitmint helps people to become physically active and get fit while helping them to earn in crypto tokens and NFTs. Fitmint is a move-to-earn app with in-built NFT gaming and social-fi elements where you can earn rewards in crypto or NFTs just by walking, running or working out.

SOURCE https://www.entrepreneur.com/article/430463

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