Funding Alert: Healthcare Tech Startup Fitterly Raises Series A Funding For $12mn From Marquee Investors



By Jaskirat Singh    -   July 20, 2022

Date of Announcement: Wednesday, July 20, 2022

Investee Startup/Company: Fitterfly

Funding: $12 Million. Total Funds raised till date: $16.6 Million

Round of Funding: Series A

Investors Participated: Funding was led by Amazon Sambhav Venture Fund and Fireside Ventures. 9 Unicorns, Venture Catalysts, Nihar Parikh of 4point0 Health Ventures, and Sriram Natarajan of Molbio also participated in the round.

Valuation: Undisclosed

About Fitterfly: Fitterfly is a company that specialises in digital therapeutics and was founded in 2016 by Dr. Arbinder Singal and Shailesh Gupta. People can manage their diabetes, obesity, and other medical disorders with the assistance of its health-focused programmes, such as Diabefly Pro, Diabefly Reverse, Diabefly With Accu-Chek, Prediabetes, and Reset23.

Business Model: For patients, the startup uses a subscription-based business model. In fact, Fitterfly collaborates with hundreds of doctors who recommend the programmes to their patients. Additionally, it collaborates with corporate insurance firms and pharma partners.

Products:

  • Diabefy was created to assist those with diabetes and prediabetes in achieving their desired HbA1c levels through individualised, scientific diet and lifestyle counselling. Diabefly has shown to lower HbA1c in diabetics without the need for extra drugs, lowering the risk of complications from the disease.
  • Reset23 claims improvement of Body Mass Index to 23 kg/sq.m through scientific weight loss methods.
  • Prediabetes program provides a preventive diet for improving sugar and avoiding diabetes.

From Founders' Desk: Dr Arbinder Singal, CEO and Co-Founder, Fitterfly, said "This funding will help us strengthen our research, launch new verticals in the heart health space and grow our customer base by reaching out to people living with diabetes as well as the universe of doctors and organisations in the field of chronic disease management."

Investors' point of view: Kanwaljit Singh, Founder and Managing Partner, Fireside Ventures said, “When we backed Fitterfly last year, we were sure of their capabilities in this domain. Today, as we reaffirm our support to them, we hope to see the same zeal in expanding their reach.”

Purpose of Funding:

  • Technological upgradation.
  • Improving marketing and branding
  • Marketing and widening the reach of diabetes management digital therapeutics programme Diabefly.
  • Consolidating research work.

Through this funding, Fitterfly envisions to innovate, expand and diversify by improving marketing and widening its reach, thereby giving tough competition to its rivals like Wysa, Medibuddy, Eka Care and Orange Health, Wellthy Therapeutics´╗┐, Twin Health, and ´╗┐HealthifyMe.

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