GOQii raises Series B Round from Mitsui of Japan

Preventive healthcare startup GOQii has raised a series B round of funding led by Mitsui of Japan, with Galaxy Digital (a blockchain merchant bank, who invests via its Galaxy EOS VC Fund, which is focused on developing the EOSIO ecosystem) and Denlow Investment Trust.

GOQii was established in 2014 by Indian entrepreneur Vishal Gondal. The funding is estimated to be $30–35 million according to early reports.

Mitsui and GOQii have also agreed for joint collaboration. Mitsui’s investment will enable GOQii to penetrate further across India and will also mark GOQii’s entry into Japan. Given its ageing population and focus on preventive healthcare, Japan is ripe for the entry of players like GOQii.

“Currently GOQii is providing its services in India and we will facilitate further expansion of these services, as well as business collaborations with our existing investments in the country. We will also support the future expansion of the company into Japan with the aim of developing new services in the Japanese preventive healthcare field,” read a communiqué by Mitsui.

The funds will be utilised 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.

GOQii’s healthcare platform brings together a preventive healthcare ecosystem that includes tools for real time personalised coaching, a Health eCommerce store, scheduling health check-ups, a health locker and ‘GOQii Cash’ program where healthy behaviour is also rewarded with cash discounts.

GOQii counts marquee investors like NEA, DSG Consumer Partners, Vijay Shekhar Sharma and Ratan Tata as existing investors who also participated in the current round. Trifecta Capital also provided venture debt to the company.

“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.

“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 realise our ambitions,” said Koji Nagatomi, COO of the Healthcare & Service Business Unit of Mitsui.

Mitsui is one of Japan’s largest Conglomerates and one of the most active healthcare investors globally. “Mitsui aims to solve the medical supply-demand gap in Asian countries by building Asia’s top healthcare ecosystem in order to deliver high quality healthcare to people. As constituents of this ecosystem, we are investing in multiple businesses in various fields such as hospital care, pharmaceutical products, and dialysis clinics,” read a statement from the company.

GCA Corporation acted as exclusive Financial Advisor to GOQii.