Web3 startup Fitmint raises $1.6 million led by General Catalyst

Web3 startup Fitmint has raised a seed funding of $ 1.6 million led by General Catalyst and with participation from iSeed, Kearny Jackson, Dweb3 and 1947 Rise among others. 

Fitmint is a move-to-earn app with in-built NFT gaming and Social-fi elements, where users can earn rewards in crypto or non-fungible tokens by walking, running or working out. 

“This funding will enable us to onboard the right talent at Fitmint, as well as in improving the technology and product aspects in order to provide cutting-edge, superlative experiences to our users,” co-founder and CEO Rohit Sharma said on June 29.

“Going forward, we are building many other exciting things for the Fitmint community such as fitness wearable integration to enable tracking all kinds of physical activities and integration of SocialFi to bring social, fitness and finance together for the first time ever.”

The startup has already started generating revenue and has set a target of $12-15 million by the end of the current fiscal, the company said in a press statement. 

Launched in January 2022, the company’s app was rolled out publicly in May. It is live on iOS and Android with 85 percent of its total users coming to the app every day, the company said.

In the last five months, Fitmint has built a community of over 100K+ members on Twitter and Discord from over 50 countries.

“To achieve our mission, we believe that Web3 offers a perfect blend of tools like NFT gaming, native digital currency, community effect, etc as well as the interesting elements of game-fi, social-fi and real money rewards.

“Also, 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,” co-founder Viren Baid said.

Anand Chandrasekaran, Partner at General Catalyst, said web3 and crypto would increasingly be one of the categories which the founders would choose to build in.

“These founders will be ‘crypto-native’ and understand which models work (and which ones don’t), take the time to study a space deeply to create a ‘second-mover’ advantage and will focus on building a real business driven by consumer need, not on the web3 hype,” Chandrasekaran said.

Web3 is a believed to be the next phase of the internet, a decentralised web based on the blockchain technology.  NFTs exits on a blockchain and are digital assets that can be bought and sold like a piece of property but have no tangible form.