App-based metabolic fitness platform Ultrahuman is in its last leg to raise $17-18 million in a new round, said three people aware of the details of the transaction. This would be the second funding round for a less than two-year-old company since its inception.
“Alpha Wave Incubation (AWI) is leading the round with participation from Steadview and existing backers,” said one of the persons cited above, requesting anonymity. “The terms of the round have been finalised and it’s likely to be announced soon.”
According to sources, existing backers Nexus Venture Partners and Blume Ventures are also participating in this round. Founded by Mohit Kumar and Vatsal Singhal, Ultrahuman helps users understand how food and exercise affect them based on a biomarker-based feedback loop.
“Several high profile individual investors including Tiger Global’s partner Scott Schleifer, Kunal Shah and Deepinder Goyal will also participate in this round,” said the second person who also wished not to be named.
Kumar and Singhal were co-founders of hyperlocal logistic company Runnr which was acquired by Zomato in September 2017.
Responding to Entrackr’s queries, Ultrahuman’s co-founder Kumar has confirmed the new fundraising but didn’t disclose any details.
Queries sent to AWI and Steadview didn’t elicit any immediate response. We will update the story as and when they respond.
Ultrahuman had raised around $7.5 million in its maiden funding round in December 2019. Nexus led that round with $5.8 million whereas Blume had put in $1.7 million, regulatory filings show. Angels including Gaurav Munjal, Nishith Rastogi and Adit Parekh also participated in it.
Ultrahuman tracks blood glucose levels in real-time and maximizes the user’s diet and recommends exercise routines with the help of metabolic scores based on glucose biomarkers, among others. According to sources, Ultrahuman has more than 80% of users coming in from overseas and the remaining 20% are from India.
The company competes with Levels Health and Super Sapiens in the global markets and doesn’t really have any direct competitors in India.