Mosaic Wellness Pvt Ltd, a health and wellness startup, raised $1.25 million from Spring Marketing Capital, the company said in a statement on Thursday.
The investment by Spring Marketing Capital was a marketing-led strategic partnership, the company said. Spring Marketing Capital had launched a fund called ‘Skin in the Game,’ which counts Verlinvest as an anchor investor with other Limited Partnerships including leading Venture Capital (VC) firms, founders and top-level startup executives. The fund will be a strategic marketing partner to Man Matters and Bodywise, clinics that Mosaic Wellness operates, the company said.
Man Matters is a digital health clinic for men, launched in early 2020, while Bodywise is a digital health clinic for women, which was started earlier this year. Both the digital health clinics offer health and wellness content, medical consultations, and products and services across multiple therapeutic areas like hair loss skin care, sexual health and Polycystic ovary syndrome (PCOS). Mosaic Wellness has annualised revenues of $14 million and serves more than 100,000 customers a month across all its health and wellness offerings, the statement said.
The two digital health clinics have built user communities with high engagement across Instagram, their website and the mobile application, the company said. Mosaic Wellness will aggressively focus on brand building after onboarding Spring Marketing Capital, the company said.
“We really admire the work done by the Spring Marketing team over the past three years, and are looking forward to their assistance in scaling the platforms and taking them to the next level,” said Revant Bhate, Co-founder, Chief Executive Officer, Mosaic Wellness.
The ‘Skin in the Game’ fund approximately has a corpus of $20 million to invest alongside its partner venture capital firms. The investment firm has completed three investments so far in Purplle, Juicy Chemistry and Bewakoof, and investment in Mosaic Wellness will be its fourth.
Spring Marketing Capital, meanwhile, invests capital and offers their marketing expertise and experience to the companies it invests in. The investment firm is run by Raja Ganapathy, former chief marketing officer, Sequoia Capital, Arun Iyer, former chairman and chief creative officer, Lowe Lintas and Vineet Gupta, former chief executive officer, DDB Mudra Group.
“Man Matters and Bodywise are already strong platforms and they have built communities on the back of healthcare consultations, great content and curated products and services. We believe that leveraging the brand lever in these 2 spaces can have an exponential impact on future growth,” said Ganapathy, co-founder, Spring Marketing Capital.
Mosiac Wellness recently raised $24 million as part of its Series A funding round led by existing investor Sequoia Capital India. The company is also backed by Elevation Capital, and Matrix Partners India, and prominent entrepreneurs like Jitendra Gupta, founder of neobank startup Jupiter, Kunal Shah,Founder of Cred and Jaydeep Barman, Co-founder of Rebel Foods.