Healthtech Startup GOQii Raises $10 Mn To Launch Its Health Metaverse

Fitness technology startup GOQii Inc. has raised $10 Mn in an extended Series C equity round from Animoca Brands to launch its health metaverse. The startup also plans to develop various offerings that leverage blockchain tokens and gamification in preventive healthcare, in collaboration with Animoca Brands and its ecosystem companies and projects. 

The funding announcement comes close on the heels of GOQii raising $50 Mn in its recently concluded Series C round. The round saw participation from investors including Sumeru Ventures, Modality (Digality), 9 Unicorns, Venture Catalysts, among others. 

“We are excited to onboard Animoca Brands to the GOQii journey. Animoca Brands is one of the most prestigious names when it comes to gamification and blockchain. Web 3.0 is going to change the way companies interact with consumers,” Vishal Gondal, founder and CEO of GOQii, said.

With its metaverse ecosystem, GOQii wants to drive innovation within the healthcare industry and address the complex challenges of healthcare accessibility and affordability. The startup also plans to bring a virtual token program, the Token, to power its metaverse ecosystem. 

According to an official statement shared by GOQii, the consumers will be able to use these tokens to unlock products, services, purchase NFTs, participate in special events and game modes, and access curated and discounted health-focused goods, medical services and insurance products.

“Animoca Brands is delighted to invest in GOQii and support its mission to make people healthier. GOQii has built a platform that leverages the power of gamification to make the preventive healthcare journey enjoyable for the masses, and we look forward to leveraging its synergies with OliveX and other companies in our portfolio,” Yat Siu, executive chairman and cofounder of Animoca Brands said.

Animoca Brands has a portfolio of more than 170 investments in NFT-related companies and decentralised projects, GOQI said in a statement.

Founded in 2014 by Vishal Gondal, GOQii’s offerings include fitness tracker, app, coaching, healthstore, insurance. Its existing investors include Mitsui, funds managed by MegaDelta, DSG Consumer Partners, Galaxy Digital, Denlow Investment Trust, Edelweiss, Cheetah Mobile, GWC, Rata Tata,  Vijay Shekhar Sharma, Pravin Gandhi, Amit Singhal.

Currently, the mobile healthcare industry in India is seeing intense competition with players such as HealthifyMe, CureFit. In 2021, Tata Digital invested $75 Mn in health and fitness startup Curefit and it also raised funding of $145 Mn in a round led by Zomato, later in the year. 

According to a report by Inc42, the Indian healthcare market is expected to reach $638 Bn by 2025 driven by several factors such as rising income, better health awareness, increasing lifestyle diseases. 

Further, the country’s contribution to the global healthcare market is expected to rise from 1.9% in 2020 to 4.8% by 2025, the report added.