General Catalyst leads Web3 startup Fitmint’s $1.6M round

Fitmint, a Web3 app that allows users to earn rewards in cryptocurrency just by walking, running or working out, has secured a seed funding of $1.6 million from multiple VCs and institutional investors.

This round was led by renowned international VC firm General Catalyst with participation from iSeed, Kearny Jackson, Dweb3, 1947 Rise, and other unnamed investors.

The Bengaluru-based move-to-earn startup will use the capital for hiring and team expansion, marketing and optimising tech infrastructure.

The startup targets to generate $12-15 million in revenues by the end of the current fiscal year. With over 100,000 members on Twitter and Discord coming from over 50 countries across the globe, 85 per cent of its total users come to the app and burn calories every day.

Viren Baid, Co-Founder, Fitmint, said: “We at Fitmint aim to nudge people to adopt a healthy and active lifestyle alongside aligning them with the wonders of web3; and the current fundraising round is a momentous milestone in the same direction. We are linking a person’s essential daily activity to web3, which enables us to bring mass adoption to web3 in the most frictionless manner.”