[Funding alert] Fitterfly raises $3.1M led by Fireside Ventures
Fitterfly, a healthtech company working in the field of Digital Therapeutics (DTx), has raised $3.1 million (Rs 22.3 crore) in a Pre-Series A round.
This was led by Fireside Ventures and also saw participation from 9Unicorns – the accelerator fund of Venture Catalysts, Venture Catalysts, and a clutch of angel investors from India, the US, and Singapore. Kanwaljit Singh, Managing Partner at Fireside Ventures also joins as a board member.
The funding will be primarily used to deliver better patient outcomes at scale and impacting a large number of people by creating better awareness and reach.
Dr Arbinder Singal, Co-founder and CEO, Fitterfly, said “As we scale up, we want to help millions of Indians prevent, reverse or manage their diseases using technology and remote care at a click. We are excited to have Fireside and Kanwaljit Singh join us on this journey and build a lasting outcome-focused company. Fireside team’s consumer focus and branding experience will help us build a great brand in the healthcare space.”
“We plan to expand our DTx portfolio and invest in developing AI and smart health tracking tools. The timely and relevant real-world data generated will enable beneficial interactions between patients, caregivers, and support networks to permit personalized and human-centric treatments with greater transparency and improved outcomes.” Singhal added.
Kanwaljit said, “In the current post-pandemic era, we, at Fireside, believe that brands, platforms, and enterprises that address and serve well-being, holistic living, and health needs and concerns of consumers have acquired greater acceptance. Consumers are now amenable and willing to consider and adopt digital solutions that promise to improve and enhance their quality of life and keep them in a state of good health. The segment of digital therapeutics represents an incredible growth opportunity for us."
Fireside is known for investing in startups like boAt, Mamaearth, Vahdam, Yogabar, etc., and helping them become strong consumer brands people love.
"As a consumer-focused fund, we want to play a more proactive and dynamic role in building and shaping consumer behaviour and the lifestyle choices they make. In line with this objective, we are confident and excited about our investment in Fitterfly," he added.
Fitterfly offers scientifically validated and personalised digital therapeutics (DTx) programmes for diabetes, pregnancy, PCOS, and obesity to deliver health outcomes that truly matter. The 140+ member strong team comprises senior doctors, nutritionists, psychologists, fitness experts, management experts, and technologists working together with the sole aim of creating a healthy tomorrow for society at large.
Designed to work complementary to the doctor's medical therapy, Fitterfly DTx programmes offer 360-degree guidance around nutrition, exercise, sleep, stress, and other factors which affect health outcomes. More than 10,000 people have subscribed and benefited from Fitterfly’s programs.
Anuj Golecha, Co-Founder, 9Unicorns said, “At 9Unicorns, we are always on the lookout for ventures leveraging tech-based innovations to solve the most pressing pain points in society. With its focus on enabling digital therapeutics (DTx) and healthcare for patients with chronic diseases, Fitterfly crossed all the boxes on our checklist. Currently focusing on diabetes and women’s health, the brand is catering to addressable markets of $21 billion and $1.14 billion respectively.”
In June 2019, Fitterfly had raised a seed round of $1 million from HNIs, family, and friends.