Fittr, a provider of health and fitness app, raised $11.5 million in a Series A funding round. The round was co-led by Dream Capital, the Corporate Venture Capital and M&A arm of Dream Sports, and Elysian Park Ventures, the private investment arm of the LA Dodgers ownership group. Existing investor Sequoia Capital’s India Surge also participated in the funding round.
The company plans to use the new funds to accelerate its growth & expansion into new markets, including North America, the UK, and Singapore, which currently account for 30% of the company’s overall revenue.
Jitendra Chouksey, CEO and Founder, Fittr commented: “Fittr has always been committed to democratizing fitness, and raising awareness around physical, mental, and emotional well-being. The investment raised will assist us to make strategic headways in achieving this goal. Elysian Park Ventures and Dream Capital joining the community enables us to accelerate our work to help millions of people around the world get fit, and also to create meaningful career opportunities in the health & fitness industry over the next few years”.
Dev Bajaj, Managing Director, Dream Capital said: “Dream Capital considers Fitness-tech as a key focus sector due to highly overlapping demographics with sports-tech. Within this industry, Fittr’s organic and highly engaged community has been particularly impressive. We look forward to participating in Fittr’s journey in building out a full-stack fitness-tech platform made for a global user base.”
“Fittr has experienced tremendous growth within India and around the world in a short amount of time. The fitness market has changed dramatically over the last year, and we believe the demand for digital fitness training will only continue to grow. Fittr’s community-based model is well-positioned for success, and we believe it has the ability to become a dominant global fitness and health brand”, commented Nikhil Bahel, Managing Partner, Elysian Park Ventures.
mHealth Apps focused on fitness and wellness raised almost $500 million during the first half of 2021, according to the recently released Mercom’s 1H 2021 Digital Health Funding and M&A Report.