Palta Closes $100 Mn Series B Funding Round Led By VNV Global Funding will be used to scale its product offerings in the health and well-being industry
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Palta, a health and well-being technology company, announced on Tuesday that it raised $100 million in a Series B funding round led by Per Brillioth at VNV Global, with the participation of Target Global and other existing and new investors.
This recent fundraising round will further help the company meet its goal of empowering 1 billion health-aware people via its ecosystem of innovative health and wellness products.
"Mobile and preventative health services are the future of the health industry," said Per Brillioth, chief executive officer, VNV Global. "As a result, Palta has proven its capabilities to develop and scale its wide range of leading mobile subscription products. This is why VNV and our partners Lundin family and Winter Capital-backed Palta because of their proven track record of success with products like Flo.Health and Simple Fasting that are delivering real word results to over 100 million global consumers."
Palta health products deliver preventative healthcare for its customers. Across its portfolio of consumer-centric health products, Palta has more than 100 million active users over the last 12 months and 2.4 million active paid subscribers in their apps like Flo.Health, Simple Fasting, Zing Fitness Coach, and more.
"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 tenfold growth in two years alone," commented Yuri Gurski, chief executive officer and founder, Palta.
"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," Gurski further continued.
Palta is aiming to create more products like Flo that will top the mobile app stores. It has proven capabilities and a team in place to support further growth of the ecosystem. This Series B financing is the first step of many to enable the company to realize its vision of improving the consumer experience in the health and wellness sector.