Sweatcoin is on a mission to motivate people to be more physically active and fight the obesity problem that costs the global economy billions of dollars in direct costs every year. In order to do so, Sweatcoin converts outdoor steps into a virtual currency (sweatcoins), which can be spent within the mobile app's marketplace on real goods and services or donated to partnering charities. Said marketplace features 1000s of branded goods and services "from high-tech shoes to iPhones, anti-gravity yoga classes, Apple Watches and more."
EC2V 6DN London
EC2V 6DN London
Last round 🔗 $13M
July 28, 2022.
July 28, 2022.
Key people 🧑🤝🧑
- Anton Derlyatka - Co-founder & CEO
- Egor Khmelev - Co-founder & CTO
- Oleg Fomenko - Co-founder & Chief Product Officer
- Jared Harding - Head of Product
- Luke Baber - Head of Commercial Operations
- Diana Prohoda - Head of Design
- Nikolay Vznuzdaev - Head of Mobile
- Kieron Treanor - Head of API & Strategic Partnerships
- Good cause: The company and its app is made to entice users to be more active thus more healthy.
- It works: As of April 2022, 55+ million Sweatcoin users walk an average of 20% more after downloading the app and over 600 brand partners provide the equivalent of $200 million of value in exchange for their steps. Cumulatively, users have walked 18 Trillion steps - the equivalent of 17x around the moon.
- Super popular: The app has been top of the US and UK AppStore In the Health & Wellness category since September 2017, ahead of Nike, Fitbit, Strava and many more.
- Media love: Sweatcoin has been featured in a number of publications, including New York Times, CBS, Forbes, Fortune, Reuters, Huffington Post, Men's Journal, The Telegraph, and Daily Mail.
The team at Sweatcoin have experienced phenomenal growth since launch just 12 months ago and have created a new, powerful Movement Economy that rewards people for their physical efforts. It's a sophisticated product that consumers clearly love and we have a huge amount confidence in the founders to take this ambitious vision of a new, global digital currency and execute effectively.
— Reshma Sohoni, Co-founder and Managing Partner of Seedcamp (a Sweatcoin investor) 🔗
Sweatcoin has achieved sustainable physical activity behaviour change using a viable business model that can continuously reward its users for being active.
— British Journal of Sports Medicine 🔗
We have been impressed by the rapid growth from the Sweat ecosystem. They have already created a global, Web2 Movement-Economy of millions. Because of the ease of participating in the Sweat ecosystem, they can help millions around the world participate in the decentralized Web3 economy. We are delighted to work with them to further their mission.
— Avichal Garg, General partner at Electric Capital 🔗
Web3 onboarding can be daunting to many as it often involves a steep learning curve. Sweatcoin is providing users with a new way to exercise and earn, all while lowering the entry barrier and reducing the technical know-how. The team has a proven track record and we are excited to support them to provide users with better incentives and to introduce the next 100 millions users onto Web3.
— Kelvin Koh, Co-founder & Partner, CIO at Spartan Capital 🔗
Last update: August 14, 2022
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