Trending...
- Wave2 Launches New Dynamic Data Integration Features to Elevate Bank and Credit Union Convenience
- Sootheez Revolutionizes Relaxation: A New Era of Therapeutic Comfort Unveiled
- Metro Commercial Miami Team Doubles
CHICAGO, May 12, 2023 ~ Mitgo, an IT company, has announced an investment into the mindfulness, meditation, and sleep quality mobile app, Practico. The US version of the app, "Urso", is expected to roll out by the end of Q2 2023 and will be supported by Mitgo's Chicago office.
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."
More on illi News
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.
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."
More on illi News
- The Signature Room at the John Hancock Tower Announces Unexpected Closure
- Global Luxury Value Exchange, Idoneus, Transitions to 100% IDON Transactions
- USA Green Card Celebrates the State Department's Historic Inclusion of the UK in the DV-2025 Green Card Lottery
- Brighter Smile Just Launched Their New Website!
- Windy City Implant And Dental Centers Just Launched Their New Website!
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
0 Comments
Latest on illi News
- Updated Version 9 ezCheckPrinting Software Has No Validation Fees, Yearly Cost or Hidden Costs
- Cleveland Broadband Selects Axiros' AXESS 5 ACS Software for Advanced Gigabit Internet Service
- Naperville: Pre-Trial Detention Ordered for Chicago Convicted Felon on Parole Charged with Armed Habitual Criminal for Alleged Illegal Possession of a Firearm
- Chicago Public Schools Announces Stabilized Enrollment after Years of Decline
- Green Office Partner Ranks on the Inc. 5000 Annual List of the Fastest Growing Companies in America
- Office Calgary Inc, announces office expansion plans
- Chief Larry Snelling Confirmed By City Council As Chicago Police Department Superintendent
- Benefits Of Using Silicone Gel Socks
- Fireandaxes.Com Unveils Original Firefighter Coins and Engravable Firefighting Coins
- Collinwood Earns Certified Veteran's Business Enterprise™ Designation from the National Veteran Owned Business Association (NaVOBA)
- Microsoft and Mercy collaborate to empower clinicians to transform patient care with generative AI
- PFW Recap: CHOCHENG Spring/Summer 2024 Les Parapluies De CHOCHENG
- The New Trace One Ushers in a New Era for CPG and Retail Product Innovation
- Quill Continues to Grow Nationwide Footprint with Sizeable New Partnerships Spanning Businesses Across Multiple Industries
- Freightos' WebCargo Partners with Chapman Freeborn to Offer Extensive Global Capacity
- Breaking the Mold: The Human Conditioning Dilemma with Radavie
- Naperville: Structure Fire in the 4100 Block of Emporia Ct.
- Aquasight Unveils Aquasight Copilot™ to Aid & Assist Water and Wastewater Utilities
- Youth Employment Up 19 Percent From 2022 Through One Summer Chicago
- The Luxe Team at Dale Sorensen Real Estate Brevard Presents 100 Ocean Condominium in Melbourne, Florida