The funds will be utilized for hiring fresh talent, marketing and expanding geographically
GOQii has raised funds through a series-B round of funding led by Japan-based Mitsui & Co, which is one of the most active investors in the healthcare space across the globe.
The funds will be utilized for hiring fresh talent, marketing and expanding geographically, GOQii said in a statement.
They will also strengthen the company's big data and artificial intelligence platform to drive actionable insights and provide holistic view of a user’s health.
Apart from the investment, the two parties have also agreed on joint collaboration. Mitsui's investment will enable GOQii to penetrate the Indian market further and will also mark its entry into Japan.
Given its ageing population and focus on preventive healthcare, Japan is ripe for the entry of players like 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. Mitsui is keen to develop new business and services in the Japanese preventive healthcare sector with the aim of providing further solutions to the evolving issues of today’s Japanese society. Upon GOQii’s entry into the Japanese market, we will seek cooperation between GOQii and our affiliated companies to realize our ambitions," Koji Nagatomi, COO of the healthcare and service business unit of Mitsui.
Besides Mitsui, GOQii also raised funds from new investors like Galaxy Digital, a leading blockchain merchant bank who invests via its Galaxy EOS VC fund that which is focused on developing the EOSIO ecosystem, and Denlow Investment Trust, a leading LP in several consumer and tech focused funds globally.
Many of GOQii's existing investors like NEA, DSG Consumer Partners, Vijay Shekhar Sharma and Ratan Tata also participated in the round of funding.GCA Corporation was GOQii's exclusive financial advisor for the fund-raising exercise.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.