Fitness currency Sweatcoin sees investment injection
Sweatcoin, an app that converts users’ physical activity into currency, has announced a successful second round of seed funding.
The health and fitness app yesterday announced an investment of US$5.7 million (£4.1m) from a consortium of US and European investors. Sweatcoin attributes a financial value to psychical activity, including something as simple as walking.
The app converts users’ outdoor steps into currency that can be used to purchase a wide range of products and services, from sports gear and fitness equipment to gadgets and experiences.
The Sweatcoin currency can be used at more than 300 global retailers and lifestyle brands, including Graze, HelloFresh and Bohoo.com.
Since its 2016 App Store release in the US, UK and Ireland, Sweatcoin has become the most downloaded health and fitness app in the US App Store.
Sweatcoin co-founder Anton Derlyatka said: "We are thrilled that our mission to create an entire movement economy powered by people’s physical activity has been embraced by users and visionaries alike.
“We have a very bold plan to take the concept of fitness into the future which even includes the ability to pay taxes with Sweatcoin." The app currently has more than two million weekly users, growing 266% in popularity in the last three months.
Chi-Hua Chien, managing partner of Sweatcoin investor Goodwater Capital, and a Sweatcoin board member, said: “Turning movement into real-world value for millions of people is the lever that is required to change behaviour.
“Sweatcoin establishes beneficial new consumer rituals: the users become more active in a sustainable way and reap the economic benefits of their increased activity through a simple, easy-to-use, free product.”