Move-to-Earn startup Fitmint raises $1.6 million in funding

Bengaluru-based 'Move-to-Earn' (rewarding users for engaging in physical exercises) startup Fitmint has announced raising seed funding of $1.6 million from multiple VCs and institutional investors. The funding round was led by venture capital firm General Catalyst, and it also witnessed participation from iSeed, Kearny Jackson, Dweb3 and 1947 Rise, among others.

Fitmint said in a statement on Wednesday it will be using the amount raised for hiring and team expansion, marketing and optimising tech infrastructure.

The startup said it has already started generating revenue; and with the growth boost received due to the fundraise, it is targeting to generate $12-15 million revenue by the end of financial year 2022-23.