Sweatcoin closes $5.7m Seed round led by Goodwater

Sweatcoin, a mobile app which converts steps to cryptocurrency, has netted $5.7m in its Seed round led by Goodwater Capital.

Investors to the round included Seedcamp, Greylock Partners, , SmartHub and a selection of angel investors.

London-based Sweatcoin is a mobile app that utilises a user’s accelerometers and GPS to convert steps in to digital tokens. These tokens can be used to make payments in over 300 retail partners, or donated to charity organisations.

The company has seen over 5 million registered users within 12 months and more than two million weekly activities.

With the capital, the company hopes to improve its user experience, develop its step-verification algorithm and build an open-source blockchain DLT technology to allow the app to be traded like other cryptos. Equity will also be used to support its global expansion.

Seedcamp co-founder and managing partner Reshma Sohoni said, “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.”

Late last year, personal finance platform Dosh has bagged $4.9m in a funding round, which also reportedly had commitments from Extol Capital and Next Coast Ventures. The app enables users to earn money back by scanning receipts, which its technology will then user and search for offers to reclaim money.

Copyright © 2018 FinTech Global

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