Wearables maker GOQii raises Series B funding led by Mitsui, to enter Japan soon

Healthcare and wearable platform GOQii has raised an undisclosed Series B funding led by Mitsui, a Japanese conglomerate and an active healthcare investor. With this investment, GOQii and Mitsui will work on a joint collaboration to build an overall preventive healthcare ecosystem.

The round also saw participation from other investors like Denlow Investment Trust, a leading LP in consumer and tech-focussed global funds, and Galaxy Digital, a leading blockchain merchant bank that invests through Galaxy EOS VC fund. The funds will be used for talent acquisition, geographical and marketing expansion. The team is also looking to strengthen its big data analytics and AI platform to drive insights and provide a complete view on the user's health.

The existing investors include NEA, Vijay Shekhar Sharma, Ratan Tata and DSG Consumer Partners. The team has also raised venture debt led by Trifecta Capital. GCA Corporation acted as exclusive financial advisor to GOQii.

In a press statement, the GOQii team said that Mitsui’s investment will enable it to penetrate further across India and will also mark GOQii’s entry into Japan. Given its ageing population and focus on preventive healthcare, Japan is ripe for the entry of players like GOQii.

Founded by Vishal Gondal in 2014, GOQii works as a smart tech-enabled healthcare platform providing real-time personalised coaching, a health ecommerce store, scheduling health check-ups, a health locker and a unique ‘GOQii Cash’ programme where healthy behaviour is also rewarded with cash discounts.

Vishal Gondal, CEO of GOQii, said: “We have spent the last few years validating our platform and forging partnerships with global insurance and healthcare providers. Along with the power of Mitsui, our goal is to be the dominant healthcare platform for millions of users globally and empower them with a better lifestyle and healthcare solutions and be the force of good.”

Koji Nagatomi, COO of the Healthcare & Service Business Unit of Mitsui, said, “GOQii’s product offering is highly complementary to our portfolio of healthcare investments in India and globally, and we see several areas of immediate collaboration between us and GOQii. We also see a strong potential for GOQii to enter the Japanese market and are ready to help GOQii achieve its vision and ambitions. Upon GOQii’s entry into the Japanese market, we will seek cooperation between GOQii and our affiliated companies to realise our ambitions.”