HealthifyMe raises $30 million funding

CHENNAI: AI-powered health and fitness app HealthifyMe has raised $30 million in a pre-Series D funding round led by marquee investors LeapFrog Investments and Khosla Ventures along with Finnish development financier FinnFund and Dutch investment firm Van Lanschot Kempen.

Existing investors Unilever Ventures, Chiratae Ventures, Blume Ventures and HealthQuad also participated in the round that also included a portion of venture debt. Including this round, HealthifyMe has raised $130 million till date, and its last funding round was in 2021.

The company did not disclose the valuation, but TOI has learnt that the round has been raised as a convertible note pegged to the next round and thus without setting valuations. The convertible note model has emerged as a popular financing instrument among startups and investors globally given the threat of raising funds at reduced valuations.

The digital wellness platform aims at using the investment towards advancing the company's AI capabilities, acquiring top-tier technology talent and for global expansion. HealthifyMe is working to augment the capabilities of “Ria”, its AI-powered virtual nutritionist, using generative AI. It is also retrofitting its coach facing system with Generative AI to create personalized nutrition advice and improve productivity of their nutritionists & trainers.

With a user base of over 35 million, HealthifyMe says it is on track to achieve $50 million in annual recurring revenue (ARR) in the upcoming months. Its users have collectively lost over 30 million pounds of weight, tracked billions of foods and burned over 66 billion calories to date.