Digital health start-up HealthifyMe raises US$75 million in Series C round

HealthifyMe is a digital health platform providing personalised solutions. PHOTO: HEALTHIFYME.IMGIX.NET

SINGAPORE (THE BUSINESS TIMES) - Singapore-headquartered health start-up HealthifyMe announced on Tuesday that it has closed a US$75 million Series C from impact investing firm LeapFrog and venture capital firm Khosla Ventures, taking total capital raised by the company to over US$100 million to date.

Funds will be used to grow its user base in South-east Asia and India, to make inroads into North America, as well as to acquire relevant companies in the digital health and fitness space.

It will also be "investing heavily" to further develop its artificial intelligence-powered HealthifySmart fitness plans and intends to double its current engineering and design strength.

Founded in India in 2012 and now headquartered in Singapore, HealthifyMe is a digital health platform providing personalised solutions to help users achieve their fitness and nutrition goals. Among other things, it offers localised health content, calorie tracking, meal plans, fitness workouts and health advice.

The company crossed 25 million app downloads recently and is on track to hit US$50 million annual recurring revenue within the next six months, it said in a media statement on Tuesday.

While its users are largely based in India, about a quarter of HealthifyMe's revenue now comes from outside of India, including Singapore and Malaysia. It currently has about 1.3 million customers in the South-east Asia region.

Collectively, users of the platform have lost 20 million pounds of weight, tracked over one billion foods and burnt over 66 billion calories working out on the platform.

Besides HealthifySmart, HealthifyMe plans to use the funding to invest in two new initiatives, HealthifyPlus, a condition management offering for customers with chronic medical conditions, as well as HealthifyStudio, a live workout solution.

To build up its leadership team, the company is planning to hire for key positions across operations, human resources, technology and marketing. It will double the size of its engineering and design teams, as well as hire over 1,000 trainers and coaches within this year, it said.

It is also planning to open an office and build a team in the San Francisco Bay Area and in South-east Asia.

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