London-based health and wellness app Palta has raised $100 million (€84.2 million) in a Series B funding round led by Per Brillioth at VNV Global with Target Global and other existing and new investors.
Palta claims to have more than 100 million active users over the last 12 months and 2.4 million active paid subscribers for its apps like Flo.Health, Simple Fasting, Zing Fitness Coach, and more.
Headquartered in London with offices in Munich, Vilnius, Warsaw, and other locations, the company says most of its revenue comes from customers in the US (60%) and Western Europe (20%).
Palta’s digital health app delivers preventative healthcare for its customers. Yuri Gurski, CEO, and founder of Palta, said: “Stemming from my passion for building products which positively impact millions globally, Palta collaborates with those who share our values and vision. Palta Brain platform, the foundational powerhouse that drives our consumer digital apps, allows for much faster scaling of both products that we envisage internally, as well as those that come to us from the market. This can be seen clearly in our 10x growth in two years alone.”
The company said that the latest funding would be used to scale its product offerings in the health and well-being industry.
“Almost every tech company in the top-50 globally has more than one product, so do we. We believe that it helps to address the pain points of more customers, as well as creating opportunities for learning and cross-pollination. We are interested in adding more products to our offering by providing strategic investment into the new generation of health and fitness-focused mobile apps.”
mHealth Apps raised a record $1.6 billion in venture funding in 1H 2021, a 100% increase year-over-year, according to the recently released Mercom’s 1H 2021 Digital Health Funding and M&A Report. Keep, a Beijing-based fitness app closed a Series F financing round of $360 million led by SoftBank Vision Fund.