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Business EconomyPosted at: Apr 21 2021 5:39PM


Digital Therapeutic Company Fitterfly raises $ 3.1 Mn USD led by Fireside Ventures

Kolkata, Apr 21 (UNI) Fitterfly, a health-tech company working in the field of Digital Therapeutics
(DTx) has raised $3.1 million (INR 22.3 crores) in Pre-Series A round.
The raise was led by Fireside Ventures and also saw participation from 9Unicorns – the
accelerator fund of Venture Catalysts, Venture Catalysts and a clutch of angel investors from
India, USA and Singapore, a company official here on Wednesday 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.
Kanwaljit Singh, Managing Partner at Fireside Ventures also joins as a board member.
Fireside is known for investing in start-ups like boAt, Mamaearth, Vahdam, Yogabar etc.
and helping them become strong consumer brands people love.
Fitterfly offers scientifically validated and personalized digital therapeutics (DTx) programs
for Diabetes, Pregnancy, and PCOS & Obesity to deliver health outcomes that truly matter.
The 140+ member strong team comprises senior doctors, nutritionists, psychologists, fitness
experts, management experts, and technologists working together with the sole aim of creating
a healthy tomorrow for society at large.
Designed to work complementary to the Doctor's medical therapy, Fitterfly DTx programs
offer 360° guidance around nutrition, exercise, sleep, stress and other factors which affect
health outcomes. More than 10,000 people have subscribed and benefited from Fitterfly’s
programs.
Fitterfly’s Diabetes DTx program, Diabefly available on the Fitterfly Wellness App, is a highly
scientific program that uses cutting-edge data tools to correlate data from continuous glucose monitoring devices and find the real reasons for point-to-point fluctuations in blood sugar -
termed Personalised Glycemic Response - customised for each patient. In addition, using
insights from one of India’s most comprehensive nutrition database developed in-house,
Diabefly has achieved better blood sugar control in 85% of clients and medicine reduction in
30% of patients. These clinically validated outcomes have been presented at the American
Association of Clinical Endocrinologists, ENDO 2021 and a host of other conferences
internationally.
On 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 behaviour and the lifestyle
choices they make. In line with this objective, we are confident and excited about our
investment in Fitterfly.”
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 recognising 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. 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,” said Singal.
“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.” he added.
Anuj Golecha, Co-Founder, 9Unicorns said, “Healthcare and digital technology are the two
primary themes of the post-2020 era. The digital has become ingrained in the DNA of the post-pandemic world, transforming the mode of operations of almost every global sector.
Healthcare, wellness, and therapeutic industries are no exception. 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 a look out 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. Currently focusing on diabetes and women’s health, the brand is
catering to addressable markets of USD 21 billion and USD 1.14 billion respectively. Astride
of its highly configurable DTx platform and a dedicated team of professionals with expertise
in healthcare, technology, and wellness, Fitterfly is poised to disrupt these emerging markets.
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.”
In June 2019, Fitterfly had raised a seed round of 1 Mn USD from HNIs, family and friends.
Founding team - Dr Arbinder Singal, a super-specialist surgeon with training from AIIMS and
Ohio State University USA, comes with a unique experience of healthcare and technology. He
was instrumental in setting up an online second opinion portal MediAngels and two successful
hospitals. His co-founders include Shailesh Gupta who has extensive experience of operations,
data analytics and regulatory frameworks and Jayesh Sawant who led tech teams at Burrp and
Reliance Jio Health Hub before joining Fitterfly.
UNI BM
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Tags: #Digital Therapeutic Company Fitterfly raises $ 3.1 Mn USD led by Fireside Ventures
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