HomeCyprusSimple Raises $5M in Series A Funding; at $42M Valuation

Simple Raises $5M in Series A Funding; at $42M Valuation

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Mike Prytkov and Alex Ilinskiy
Mike Prytkov and Alex Ilinskiy

Simple, a Limassol, Cyprus-based provider of a mindful nutrition app, secured $5m in Series A funding at a $42M post-money valuation.

The round Рbrings the total capital raised since founding to over $8m Рwas co-led by Target Global and Palta, the co-founding company behind Simple, with participation from S16 Angel Fund and Supernova, the company owned by supermodel, and angel impact investor Natalia Vodianova. 

The company intends to use the funds to invest in R&D, AI technology, content production, development of new methodology, and increase its medical and data science team.

Founded in 2019 by Mike Prytkov and Alex Ilinskiy, Simple is AI-powered nutrition and holistic fasting companion, which helps people to gain a better understanding of behavioral habits and improve their nutrition and lifestyles, all within a guilt-free environment built on mindfulness, education, and motivation. The app integrates the following data from the Health app (HealthKit) to keep track of body status: steps, weight, and water intake. The app provides personalized insights based on the user’s behavioral patterns and helps them to improve their daily fasting routine.¬†

In the fall the team invested in product localization in 6 languages including French, Portuguese, Spanish, Italian, German which allowed them to enter the European and South American markets. Simple hits 6.3M downloads in just 1 year.

FinSMEs

09/12/2020