GetFittter: From zero to 4.2 million USD
"Either you're an entrepreneur or you're not" says Bogdan Predusca, Co-Founder of Fittter, an application that offers a mobile personal training experience and gives employers a tool to run health and fitness programs for their workforce. But when it was accepted in MVP Academy Class of 2014, Fittter was just an app...
Getting from that point to a business in healthcare technology is a long way to go, and Bogdan Predusca, Dan Nica and Vlad Teodorescu, the Co-Founders of getFittter, learnt it the hard way. They are now ready to spin-off their business from the former company they founded, Renovatio IT Solutions, an outsourcing software company.
"I've always wanted to be an entrepreneur", says Bogdan. "We were constantly developing our own products within Renovatio. No offence, but outsourcing is for people with limited skills and creativity. Yes, it is a good business, but it's not like real entrepreneurship. For that you need your own product."
After graduating the MVP Academy pre-acceleration program, getFittter was accelerated and recently graduated from Health Wildcatters, the best US accelerator program on healthcare. They raised 30.000 USD and are now in talks for raising their first Series A funding between $850,000 and $1,000,000 by the end of April. The company is currently valued at $4.2 million.
Over time, Fittter iterated and evolved from a mobile personal trainer application to a solution for employers to improve their healthcare programs.
"Come to us again when you will have an ecosystem with clients in place" remembers Bogdan his first talks with investors. "We have learnt the hard way that an app is not a product. There were enough apps in the accelerator, some of them quite interesting, but that's not what investors are looking for."
They analized several business models and decided that a business-to-business approach will be the best. Fittter is now in private beta, testing its corporate wellness program with focus groups of 20-50 people from three large US companies.
Bogdan says that their product is not just an app anymore, but a solution that will integrate wearables, nutrition programs, a loyalty management component and a gamification system based on rewards and discounts from different partners.
Meanwhile, getFittter expanded their team, adding James Villepigue, a celebrity fitness trainer and best-selling author as VP of Product and a CTO and Solution Architect.
Their market is primarily the United States, where a company with 50 employees spends more than $500,000 on healthcare costs. The founders of getFittter believe that more than $100,000 can be saved just by constantly engaging employees in fitness activities.
Obviously the passion for sports drove the three Co-Founders to develop Fittter and Bogdan strongly believes that a successful startup should be based on a product founders love and would gladly use themselves.
However, the most valuable lesson they learnt was to listen and tell. "You need to be able to explain what you are doing in very simple words. You need to listen and answer every question asked. If there aren't any, you have a problem", says getFittter Co-Founder. "Only if we realized this sooner..."
Fittter is part of MVP Academy Class of 2014. Applications are now open for the second batch of the pre-acceleration program that will bring together 12 promising early stage tech startups. Want to be one of them? Than start working on your application now!
This aricle has been republished from HowToWeb Blog.