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Fitterfly, a health-tech company working in the field of Digital Therapeutics (DTx) has raised $3.1 million in pre-Series A round funding led by Fireside Ventures.
The round also saw participation from 9Unicorns (accelerator fund of Venture Catalysts), Venture Catalysts, and a clutch of angel investors from India, the USA, and Singapore.
“With the fresh investment, Kanwaljit Singh, Managing Partner at Fireside Ventures also joins as a board member,” Fitterfly in its statement said.
“Funds will be primarily used for improving the solution to deliver better patient outcomes at scale and impacting a large number of people by creating better awareness and reach,” the statement added.
Speaking on the investing in the health-tech platform, Kanwaljit Singh, Managing Partner, Fireside Ventures said, “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 amenable and 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.”
The segment of digital therapeutics represents an incredible growth opportunity for us. As a consumer-focused fund, we want to play a more proactive and dynamic role in building and shaping consumer behavior and the lifestyle choices they make. In line with this objective, we are confident and excited about our investment in Fitterfly,” Singh said.
Speaking on the fundraise Dr. Arbinder Singal, Co-Founder & CEO, Fitterfly said “Four years back we started building India’s largest clinical nutrition database and then validated it by building disease-specific nutrition advisory algorithms. From there we pivoted to Digital Therapeutics in late 2019 recognizing the large unmet need for remote support in improving outcomes. 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. We are seeing good support from doctors as a prescription product, saving their time and helping them achieve better outcomes,” Singhal said.
“As we scale up, we want to help millions of Indians prevent, reverse or manage their diseases using technology and remote care at a click. We are excited to have Fireside and Kanwaljit Singh join us on this journey and build a lasting outcome-focused company. Fireside team’s consumer focus and branding experience will help us build a great brand in the healthcare space,” he added.
Further adding to the statement, Singhal said, “We plan to expand our DTx portfolio and invest in developing AI and smart health tracking tools. The timely and relevant real-world data generated will enable beneficial interactions between patients, caregivers, and support networks to permit personalized and human-centric treatments with greater transparency and improved outcomes.”
Commenting on the investment, Anuj Golecha, Co-Founder, 9Unicorns said, “Fitterfly is one such new-age brand rising to the occasion to fuse the two big themes of the post-pandemic era. At 9Unicorns, we are always on the lookout for ventures leveraging tech-based innovations to solve the most pressing pain points in society. With its focus on enabling digital therapeutics (DTx) and healthcare for patients with chronic diseases, Fitterfly crossed all the boxes on our checklist. We are confident in our investment in their venture and are committed to helping them scale up to offer their much-needed services to every last Indian who may need it. We wish them continued success.”