Web3 startup Fitmint has raised $1.6 million in seed funding led by General Catalyst, with participation from iSeed, Kearny Jackson, Dweb3, 1947 Rise, etc.

Fitmint is a mobile earning app with built-in NFT gaming and social networking elements, where users can earn cryptocurrencies or non-fungible tokens (NFT) by walking, running or exercising.

Co-founder and CEO Rohit Sharma said on June 29: “This funding will allow us to hire the right talent at Fitmint and improve the technology and product side to provide our users with the most advanced, highest quality experience.”
In a press statement, the company said the startup has already started generating revenue and has set a target of $12-15 million by the end of the current fiscal year.

The company’s app was released in January 2022 and released in May. The company says it runs on iOS and Android, with 85% of users using the app every day.

Over the past five months, Fitmint has built a community of more than 1 lakh members from over 50 countries on Twitter and Discord.

“To achieve our mission, we believe that Web3 offers the perfect combination of NFT gaming, native digital currency, community effects, and the fun elements of gaming, social, and real money rewards.

Co-founder Viren Baid said: “Furthermore, we connect one’s basic daily activities to web3, which allows us to achieve mass adoption of web3 in the smoothest way possible”.

Anand Chandrasekaran, a partner at General Catalyst, said that web3 and cryptocurrency would increasingly be one of the categories that founders choose to build.

Web3 is considered the next stage of the Internet, a decentralised network based on blockchain technology. NFTs exist on the blockchain and are digital assets that can be bought and sold like property but have no tangible form.