Our Investment in FitMint - Crypto Meets Fitness, India Web3 Meets World
It is no secret that some of the fastest growing software companies today are being built globally, including out of India. This “Built in India for the world” theme, focused on high quality products built by some of the most ambitious founders, has a growing set of believers. We believe that Web3/Crypto will be one of the growing categories that these founders will choose to build in. These founders will be “crypto native” and deeply understand which models work (and which ones don’t), take the time to study a space deeply to create a “second mover” advantage and will focus on building a real business driven by consumer need, not on web3 hype.
Enter Fitmint - co-founded by Rohit Sharma, Anurag Meena and Viren Baid, the company has launched a ‘move to earn’ game after over 12 months of iteration that makes working out and staying fit a rewarding and fun activity. It is crypto meets fitness and India web3 meets world. Having done their primary research to understand why many people don’t stay fit despite aspirations to do so - they found that in addition to the well known motivation issues (we’ve all made those new year’s resolutions!), there was also a) lack of community nudges and b) lack of instant gratification unlike so many other activities today. These insights led to some of the gameplay + defi design as well as incentivization through crypto tokens and NFTs.
Their product is in BETA and live now. The 100k+ community currently on waitlist is excitedly joining and minting sneakers that serve both as proof of workouts and as a way to reflect their identity and lifestyle in the metaverse. On the back of early traction and 85% of new users using the product on a daily basis, Fitmint is growing quickly on a revenue basis. If you are intrigued and would like to try Fitmint, head on to their website and sign up for their beta waitlist.
Today, we are excited to lead the seed round (equity + tokens) in Fitmint and be an early believer in the company as well as this broader “India for the world” theme. We are joined by seed investors iSeed, as well as operator angels who have helped build AngelList, Spotify, Calm etc., many of whom have been guiding the company in their efforts to build a simple, elegant product that is beloved as well as align the interests of the community and allow newer models of participation in the upside.
Through the years, we have been a backer of ambitious founders building new ways for consumers to connect with one another and with their essential daily activities (Eg. Airbnb, Instacart, Snap, Stripe etc). We wish Fitmint well on their long journey in bringing many millions of new users to Web3 by making it fun and engaging. Get fit, get $FITT.