Fitterfly Raises $12 Mn In Series A Funding Led By Amazon Smbhav Venture Fund, Fireside Ventures
The funding will be used to expand reach, enhance branding as well as improve technology stack
Fitterfly, a healthtech start-up working in the field of digital health and therapeutics, has raised $12 million in Series A funding led by Amazon Smbhav Venture Fund and Fireside Ventures. The co-investors in this round include 9 Unicorns, Venture Catalysts and Nihar Parikh, founder of 4point0 Health Ventures and Sriram Natarajan, founder of Molbio.
The funding will be used to increase the reach of Diabefly, their award-winning digital therapeutics and clinically-proven program to prevent, manage and reverse diabetes, said a statement. It will also be used to enhance Fitterfly's technology stack to give unique clinical insights, it added.
"We want to take our clinically-proven diabetes and weight management system to the people who need it the most. 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 organizations in the field of chronic disease management. Our corporate wellness models are pushing the envelope from 'tick-mark-based bundling' to an 'outcome-based approach'," said Dr Arbinder Singal, CEO and co-founder, Fitterfly.
India and the rest of Asia is struggling with chronic diseases such as diabetes. Patients need support on an everyday basis in making the right decisions about nutrition, exercise and monitoring. They also need help in managing stress, getting physically active, building healthy habits and improving quality of sleep. This is where Diabefly comes in as it brings a multi-disciplinary team of nutritionists, psychologists, physiotherapists and health coaches together to achieve better outcomes for the patient, said the statement.
"We launched the $250 million Amazon Smbhav Venture Fund in April last year to invest in early-stage entrepreneurs and tech start-ups. Amongst others, one of the key focus areas for the fund is healthcare. Led by Arbinder Singal and Shailesh Gupta, the team at Fitterfly is doing some inspiring work to create clinically-validated digital therapeutic solutions. We are excited by their mission of using technology to solve some of the most prevalent healthcare issues in India like diabetes, obesity and heart disease. Their value proposition, potential for large scale impact and clinical validation is exciting for us," said an Amazon Smbhav Venture Fund spokesperson.
Founded in 2016 by Dr Arbinder Singal and Shailesh Gupta, Fitterfly has over 200 employees and is headquartered in Navi Mumbai. The company has raised a total of $16.6 million till date. Fitterfly claims to have managed over 20,000 patients till date through a 360-degree care approach and clinically prescribed therapy by more than 200 doctors across India. This has led to a reduction of 1.5 % points in HbA1c on an average, which is comparable to reduction seen by oral diabetes drugs, claims the company.