Photo: Radar Fit
Radar Fit, the innovative health and wellness application founded in 2018, has announced a USD $1 million investment from WE Ventures, a venture capital (VC) fund that is part of Women Entrepreneurship, an initiative created by Microsoft Participações in partnership with Sebrae Nacional, M8 Partners, and in collaboration with Bertha Capital. This investment, made in conjunction with the recently launched Hiker Ventures, adds up to a total of R$ 5 million aimed at driving the expansion strategy and gaining market share in Brazil’s healthcare technology sector.
Radar Fit has gained recognition as a “super app” that utilizes gamification and artificial intelligence (AI) to engage users in improving their health and well-being. The app personalizes user routines and provides meal plans, video workouts, hydration tips, and meditations, all powered by AI to adapt to individual needs.
A distinctive feature of Radar Fit is the reward for healthy habits. The app creates an interactive experience and offers rewards through points that users can redeem for donations, products, and vouchers. This unfolds in a dynamic wellness social network, health rankings, and exclusive challenges, with 3D avatars customized for each user.
In addition to focusing on individual users, Radar Fit offers its platform to companies as part of a corporate health and wellness program. This approach benefits employees by improving their health and well-being and helps companies reduce absenteeism costs, increase productivity, improve the work environment, and retain talent. Furthermore, companies using this solution may be eligible for the PAT program, which provides tax exemptions for corporate social responsibility (ESG) practices.
Driving Health and Wellness
WE Ventures’ investment in Radar Fit supports the company’s mission to promote health and well-being. Marcella Ceva, CIO of WE Ventures, commented:
“We invested in Radar Fit because, besides being founded by three women, the company offers a solution that addresses a crucial issue in today’s corporate environment: investing in employee well-being. At WE Ventures, we look for good business proposals with growth potential and want to invest in impact. Radar Fit’s success also demonstrates the creative potential of women in entrepreneurship and technology.”
This investment marks Radar Fit’s third successful funding round, already securing backing from notable investors such as Bossa Invest DOMO.VC, Outfield Capital, and Startup Farm in previous rounds. Radar Fit CEO Jade Utsch shared her enthusiasm for the investment and partnership with WE Ventures:
“The investment round is a strategy to drive the company’s growth. We are now focused on gaining market share in Brazil and planning for future internationalization. Radar Fit has come to provide technology that will truly revolutionize the market, democratize access to preventive health, and become a reference in engagement, taking care of the most valuable asset of any company: its human capital.”
The investment from WE Ventures and Hiker Ventures will allow Radar Fit to continue expanding and provide its innovative health and wellness platform to a broader audience in Brazil and the international market. The app has already served over 60 companies and has impacted the lives of 700,000 users.
Additionally, the company offers an additional solution, SIGA, focused on occupational health and accident prevention, making it a valuable option for companies looking to improve the health and well-being of their employees while meeting ESG standards and gaining tax benefits.
In a broader context regarding healthtech in LatAm, a recent report from the Inter-American Development Bank (IDB) projects that the digital health sector in Latin America could be worth up to USD $20 billion by 2024. This data underscores the interest of investors in health startups in the region. In fact, according to data published by Pitchbook, venture capital investment in this area reached USD $48 million in 2020.
