Simple, a mindful nutrition app based in Limassol, announced today that it has secured around €4.1 million in Series A funding and an approx. €34.6 million post-money valuation, bringing the total capital raised since the company’s founding to over €6.6 million. The round, co-led by the international venture fund Target Global and Palta (the co-founding company behind Simple), also involves S16 Angel Fund and Supernova (the company owned by supermodel, and angel impact investor Natalia Vodianova).
Founded in 2019, Simple’s mission is to help users transition to a healthy and conscious diet through the gradual change of habits and introduction of food discipline, which promotes long-term results that are beneficial for their health. To fulfill this mission, the app uses tools such as data collection, pattern selection, advice, magazines, and education about health and weight loss.
Simple has hit 6.3 million downloads in just 1 year. The app integrates the data from the Health app (HealthKit) to keep track of your body status, such as steps, weight, and water intake. The app also provides personalized insights based on the user’s behavioral patterns and helps them to improve a daily fasting routine.
“We want to build a product that would make it easier for people to live healthy lives. The idea came up in 2019, with a conversation with Yuri Gurski, the CEO at Palta and founder of Flo. Since then, we developed an amazing platform backed by Yuri’s vision and Palta’s support. We have come a long way and the last round of funding opens up opportunities for a new phase of our development as we expand worldwide,” says Alex Ilinskiy, co-founder and CEO of Simple.
The company will spend the current round on enhancing and increasing value for users in order to considerably boost user engagement and become users’ first choice for nutrition and lifestyle management.
For this purpose, the team will invest in R&D, AI technology, content production, development of new methodology, and increasing its medical and data science team. Moreover, 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.
“Growing number of people are becoming conscious about the food choices they are making. Simple is offering a comprehensive, yet easy to use the product. We are excited about partnering up with Simple co-founders Alex Ilinskiy and Mike Prytkov to build a smart nutrition solution of the future,” says Alexander Frolov, general partner at Target Global.
“Eating is a natural instinct. But eating mindfully is not, unfortunately. Simple help people building their personal wellness journey, making them more and more in control of their nutrition. Even correcting one wrong habit at a time, it can also make a difference in someone’s life. That’s what I call an impact”, says Natalia Vodianova, angel impact investor.
