Fitness Startup Goqii Raises Series B Funding From Mitsui

Vishal Gondal founded healthcare and fitness startup Goqii has raised a series B round of funding led by Mitsui of Japan. Along with the investment, the two parties have also agreed for joint collaboration.

The company, however, did not disclose how much it raised in the round.

Goqii said the funds will be utilized for talent and headcount addition, marketing and geographical expansion. The company will further strengthen its big data analytics & artificial intelligence platform to drive actionable insights and to provide holistic view of a user’s health.

Mitsui is one of Japan’s largest Conglomerates and one of the most active healthcare investors globally.

The round also saw the addition of several new investors including Galaxy Digital, a leading blockchain merchant bank, who invests via its Galaxy EOS VC Fund, which is focused on developing the EOSIO ecosystem and Denlow Investment Trust, a leading LP in several consumer and tech focused funds globally.

GOQii’s past investors include NEA, DSG Consumer Partners, Vijay Shekhar Sharma of PayTm and Ratan Tata, who who also participated in the current round. Trifecta Capital also provided venture debt to the company.

Mitsui has one of the largest healthcare related portfolios globally including investments spanning hospitals, pharmaceuticals, medical devices and dialysis clinics. Mitsui’s goal is to provide safe, secure and convenient services and enable the healthy lifestyles people deserve.

“We have spent the last few years in validating our platform and forging partnerships with global insurance and healthcare providers. We are very excited to partner with Mitsui to drive the next phase of our growth. There are several areas of potential collaboration and our respective teams will drive an aggressive roadmap to deliver our goal of Reimagining Healthcare Globally! Along with the power of Mitsui, our goal is to be the dominant healthcare platform for millions of users globally and empower them with better lifestyle and healthcare solutions and be the force of good,” said Vishal Gondal, CEO of GOQii.

Koji Nagatomi, COO of the Healthcare & Service Business Unit of Mitsui, said: “This Investment is an important step in achieving our vision of being ‘Asia’s #1 Healthcare Ecosystem’. GOQii’s product offering is highly complementary to our portfolio of healthcare investments in India and Globally and we see several areas of immediate collaboration between us and GOQii. As healthcare systems evolve across the globe, addition of an online preventive healthcare platform, ensures that Mitsui is present across the healthcare value chain. We also see a strong potential for GOQii to enter the Japanese market and are ready to help GOQii achieve its vision and ambitions. Mitsui is keen to develop new business and services in the Japanese preventive healthcare sector with the aim of providing further solutions to the evolving issues of today’s Japanese society. Upon GOQii’s entry into the Japanese market, we will seek cooperation between GOQii and our affiliated companies to realize our ambitions.”

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