[Funding alert] HealthifyMe raises $75M in Series C round led by LeapFrog and Khosla Ventures
an AI driven health and fitness app startup, has raised $75 million in a Series C round led by LeapFrog and Khosla Ventures.
HealthQuad, Unilever Ventures, and Elm (Saudi Arabia PIF entity) also participated in the round, along with existing investors Chiratae Ventures, Inventus Capital and Sistema Asia Capital. It had raised $18 million in Series B round in 2018.
HealthifyMe plans to use the funds to further expand into India and South East Asia markets besides making inroads into North America. Currently, it generates around 25 percent of its revenues from overseas market.
With this new round of funding, the digital wellness startup is looking at acquisitions in the health and fitness space, and also plans to invest further into its tech platform. Besides, it will be doubling its engineering and design teams as well as senior level hires.
Commenting on the funding, Tushar Vashisht, Co-founder and CEO, HealthifyMe said,
“With our Series C, we are excited to take our offerings global - North America being a key part of the plan - and we are looking forward to hiring and partnering with people around the world who are passionate about using technology to drive positive behaviour change.”
According to WHO, obesity has doubled since the turn of the century, and almost 40 percent of all adults globally - 2 billion people - are overweight or obese, resulting in 4 million deaths per year.
Through the pandemic, the global market for digital health, weight loss and condition management grew rapidly. HealthifyMe doubled its user base and revenue in the last one year. It crossed 25 million downloads recently, and says it is on track to hit $50 million ARR within the next six months.
On the investment, Vinod Khosla, Founding Partner at Khosla Ventures, said,
“Digital health and fitness has leaped forward in the pandemic times, and this space will see several unicorns in the next two to three years. I have been tracking HealthifyMe for a few years now. What they have achieved in India with their AI coaching solution at scale is truly pioneering for the world. We are excited about the potential as they scale globally - specifically in North America, where 2 out 3 adults are overweight or obese.”
HealthifyMe claimed that its users have lost 20 million pounds of weight, tracked over 1 billion foods and burnt over 66 billion calories by working out through its app.