Home / Companies / Start-ups /  Fireside Ventures closes first health tech deal

BENGALURU: Health tech startup Fitterfly, which works in digital therapeutics (DTx), said it has raised $3.1 million in a pre-series A round, led by Fireside Ventures.

9Unicorns, the accelerator fund of Venture Catalysts, Venture Catalysts and a clutch of angel investors from India, the US, and Singapore also participated in the funding round.

This is Fireside’s first investment in the booming healthtech space. The venture capital firm is known for investing in consumer brands such as boAt, Mamaearth, Yogabar, among others. Kanwaljit Singh, managing partner at Fireside Ventures will join the board of Fitterfly.

Fitterfly, with a 140-plus team, offers personalised DTx programmes for diabetes, pregnancy, obesity to deliver health outcomes and offers solutions complementary to medical therapy.

“In the current post-pandemic era, we, at Fireside, believe that brands, platforms, and enterprises that address and serve well-being, holistic living, and health needs and concerns of consumers have acquired greater acceptance. Consumers are now willing to consider and adopt digital solutions that promise to improve and enhance their quality of life and keep them in a state of good health," said Singh.

Fireside, known for building consumer-facing brands, will help strengthen the digital presence and reach of Fitterfly.

Singh added that digital therapeutics represents a significant growth opportunity for us. "...As a consumer-focused fund, we want to play a more proactive and dynamic role in building and shaping consumer behaviour and the lifestyle choices they make."

Fitterfly’s DTx programmes offer overall guidance on nutrition, exercise, sleep, stress and other factors that affect health outcomes. Over 10,000 people have subscribed to its programmes.

Dr. Arbinder Singal, co-founder and CEO, Fitterfly, said the fresh funds will be used to expand presence in smaller cities.

“Covid-19 has pushed remote monitoring and digital therapeutics to the forefront of medicine. We are solving difficult problems, be it diabetes, obesity, women’s health, or child health, through our innovative Digital Therapeutics solutions and these problems affect almost 30-40% of the population in India," Singal said.

Four years ago Fitterfly had started building a clinical nutrition database and then developed disease-specific nutrition advisory algorithms. It pivoted to digital therapeutics in late 2019 recognising the large unmet need for remote support in improving outcomes.

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