Source: The Sweat Economy
The Sweat Economy team behind the most downloaded Health and Fitness app in the world — Sweatcoin — has completed $13M in funding, including a private token sale, to accelerate their move into Web3.
A number of leading blockchain investors joined, including Electric Capital, Spartan Capital, OKX Blockdream Ventures, Swissborg Ventures, and GSR Ventures. Existing investor Goodwater Capital also participated.
The funds will go towards expanding the Sweat Economy ecosystem and transforming it into the Web3 on-ramp for health and fitness enthusiasts. Sweat Economy wants to onboard the next billion users to crypto through rewarding their daily physical activity with SWEAT, a new cryptocurrency.
Since announcing its launch in April, Sweat Economy has seen over 11M non-custodial wallets created as anticipation builds for its Web3 application — highly likely to constitute the largest ever on-ramp of users.
A total of $13 million has been funded to date, with participants including Electric Capital, Spartan Capital, Jump, GSR, NEAR Foundation and industry figures Bjorn Wagner (co-founder of Polkadot), Sandeep Nailwal (co-founder of Polygon), and Vinny Lingham.
Established in 2015, Sweat Economy’s goal is to incentivize healthier living by rewarding people for their movement. Over 100M users already rely on Sweatcoin to bring value to their daily movement with the app currently the most downloaded Health and Fitness app in the world. The Web2 app awards ‘sweatcoins,’ dubbed “Airmiles for steps” that can be redeemed for branded products, digital services and charitable donations. Users exchanged over $70M worth of value for their Sweatcoins in Q1 ’22 alone.
There is no initial payment or purchase of an NFT required for users to start earning. By simply downloading the app, users’ steps are counted, validated and converted into sweatcoins. All Sweatcoins held by users on the date of TGE will be matched with SWEAT, the cryptocurrency, while still keeping all their previously earned sweatcoins. Post TGE, a user’s first 5,000 daily steps will convert into SWEAT with all steps above the 5K daily limit accumulated in Web2 sweatcoins as before.
Web3 opt-ins will also have the ability to download the additional free Sweat Wallet App — from which they will be able to stake their SWEAT to take advantage of a number of Web3 offers, deals and incentives from a selection of partners — and engage with the soon-to-launch NFT offering, along with many exciting features in their roadmap. For users who don’t wish to opt-in to the Web3 Sweat Wallet, they will continue earning sweatcoins on all their steps as before.
Sweat Economy Co-Founder Oleg Fomenko said: “We’re delighted to partner with such an illustrious group of investors with their cumulative deep experience of the space and strong track record of investing in and supporting game-changing startups. These partners support our vision of how to bring the next billion into web 3, and we’re confident that Sweat Economy will play a key role in realising that goal.”
Avichal Garg, General partner at Electric Capital said: “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”
Kelvin Koh, Co-founder & Partner, CIO at Spartan Capital said: “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.”