Fitmint Raises $1.6M to Support Talent Acquisition and Technology Advancement
The move-to-earn startup has secured $1.6M in a seed funding round to facilitate the onboarding of fresh talents and improvement of technology products.
Fitmint has raised a sum of $1.6 million in seed funding led by General Catalyst, with participation from iSeed, Kearny Jackson, Dweb3, and 1947 Rise, among others. Fitmint is a move-to-earn startup with in-built NFT gaming elements, where users can earn rewards by walking, running and working out.
According to the CEO and Co-Founder Rohit Sharma, the funding will enable them to onboard the right talent and improve the technology and product aspects of their brand while providing a cutting-edging experience to users.
“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.”
Meanwhile, the company also noted that they have started generating revenue and has a set target of $12-15 million by the end of the current fiscal year.
The company was launched in January 2022, unveiling its app in May. The app is live on iOS and Android, with daily participation of 85 percent of its total users. In addition, the team has a community of over 100K members on Twitter and Discord from over 50 countries.
Why does Fitmint need Web3?
In the words of Viren Baid, co-founder of Fitmint, Web3 offers the right set of tools like NFT gaming, native digital currency, community effect, and exciting elements of Game-Fi, Social-Fi and real money rewards needed to achieve their mission. He also said they are linking a person's essential daily activity to Web3, thereby making the mass adoption of Web3 seamless.
Meanwhile, a partner at General Catalyst, Anand Chandrasekaran, said Web3 and Crypto would increasingly be one of the prominent sectors founders would love to build.
“These founders will be ‘crypto-native’ and understand which models work (and which ones don’t), take the time to study a space deeply to create a ‘second-mover’ advantage and will focus on building a real business driven by consumer need, not on the web3 hype.”