GravityLabs Raises $12.9M Series A for Healthcare App

Seoul, South Korea - GravityLabs, a digital healthcare services company, has completed a KRW 18 billion (US$12.9 million) Series A funding round, the company announced on Tuesday.

The total funding raised since its establishment three years ago has reached KRW 26 billion (approximately US$18.6 million).

Atinum Investment led the round. DSC Investment, Goodwater Capital, and Valon Capital participated as new investors.

Base Ventures, Schmidt, Seoul National University Holdings, HGI, and Tail Ventures provided follow-on investment.

The company operates MoneyWalk, a mobile application that provides monetary rewards for health-related activities.

The application recorded 1.3 million monthly active users across 111 countries within 2.5 years of launch, according to company data.

International users represent 40% of the user base. The company reported operating profit and monthly revenue 20 times higher than the previous year.

MoneyWalk covers walking, sleep, diet, emotional wellness, body composition, and blood pressure tracking.

The company stated that its reward payments exceed those of competing applications by more than double.

Proceeds will be used to fund service development and hiring.

The company plans to begin recruitment activities this month.

(US$1 = KRW 1,398.25)