Web3 Fitness app Fitmint has raised $1.6 Million in a Seed Funding Round led by General Catalyst.
The Web3-based ‘Move-to-Earn’ app Fitmint have in-built NFT gaming and Social-fi elements where you can earn rewards in crypto, and NFTs just by walking, running or working out.
To begin with, after onboarding on the Fitmint app, one can mint a NFT in the form of sneakers, then by walking, running or doing any physical activities or workouts, they will earn in-game cryptocurrency, which can either be used for in-app activities or cashed out for profit.
Fitmint is constantly striving to become the most-renowned and credible fitness app globally and to inspire billions. (rewarding users for engaging in physical exercises)
In its maiden fundraising round, India-based Move-to-Earn startup Fitmint has announced raising seed funding of US$ 1.6 Million from multiple VCs and institutional investors. 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.
Fitmint plans to use the capital for expanding their team, and for marketing and optimizing tech infrastructure.
Rohit Sharma, Fitmint’s Co-Founder & CEO, said:
“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.”
Rohit revealed that the company is 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.
It is important to noe that the startup has already started generating revenue; and with the growth boost received due to the fundraise, they are targeting to generate $12-15M revenue by end of the current fiscal year, i.e. FY 2022-23.
Read Also: Electric Capital Raises $1 Billion to Advance Web3 Economy