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The meditation and mindfulness market is booming with revenues forecasted to reach $17.5 billion USD by 2030. Practico was developed in 2019 by Anton Shayakhov, Dima Afonin, and Daniel Kosinsky and has achieved 300K downloads and 20K subscriptions. The trio decided to enter the US market where they found it to be competitive and oversaturated. To stand out from the competition they opted for gamification.
In 2022 Practico's founders decided to fuse mental-health apps and mobile gaming in order to incentivize participation and reward progress which required a total app rebuild. This is when Mitgo came in as an investment partner to aid with product development and business scaling.
"We want to do things differently," said Anton Shayakhov, co-founder and CEO of Practico. "We want the app to truly engage the user so we're planning a significant pivot for our app: lots of gamification, 3D graphics and all sorts of new features. With new investments we will expand the team and launch an application that we believe will greatly change the mindfulness market."
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Mitgo brings its startup development experience and venture capital network to attract additional investments as well as accelerate the project. The new app "Urso" aims to set a clear path for users towards "becoming a better self" offering self-care tools and techniques which are guided along this path by virtual characters who introduce them to digital worlds leading them through various aspects of mindfulness while rewarding achievements along the way.
The app uses a Tamagochi-like approach appealing to users' instincts to care for their digital avatar's wellbeing which attracted Mitgo's interest. Alexander Bachmann, CEO of Mitgo said: "We believe in innovative products with great business potential. Practico's new app could be exactly this – making it easier for consumers to understand, download, use, and benefit."
Mitgo's investment in Practico is part of a massive $100 million investment plan aimed for completion by 2025 which will be spent on developing regional infrastructure as well as businesses with a significant portion dedicated towards investments in promising projects like Practico.
Filed Under: Business
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