A seed round headed by US-based venture capital company General Catalyst secured US $1.6 million for Fitmint, an Indian business that rewards users for exercising with cryptocurrencies.
Along with other investors, the startup’s initial round of investment included contributions from iSeed, Kearny Jackson, DWeb3 Capital, and 1947 Rise.
Fitmint, a move-to-earn platform founded in January, allows users to earn incentives by exercising in the form of cryptocurrencies or NFTs, which can be used for in-app activities or cashed out.
The business made its app available to the public in May, and 85% of its customers use it every day. On Twitter and Discord, the site boasts a community of more than 100,000 users from more than 50 different countries.
Fitmint’s co-founder and CEO, Rohit Sharma, stated that the business will develop features like fitness wearable integration to enable tracking of many sorts of physical activity. In order to connect social media, exercise, and finances, it also wants to incorporate SocialFi.
Fitmint co-founder Viren Baid noted that the business intends to connect consumers’ daily activities to Web3 in order to facilitate widespread adoption of the emerging technology.
By the conclusion of its fiscal year in 2022, the firm hopes to generate revenues of $12 million to $15 million USD.
