Sweatcoin Revenue and Competitors

Sweatcoin was created with the 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 motivate people to move more, Sweatcoin identified the need to overcome 'present bias', a term used in behavioural economics to describe humans tendency to ignore things that don't have an immediate effect on us. The solution, a fitness app that converts outdoor steps into a virtual currency ('sweatcoins), which can be spent within the app's marketplace on real goods and services (providing immediate gratification). As of May 2018, more than 400 vendors in the UK, US, Canada, and Australia have accepted sweatcoins as a means of payment via the app's marketplace. Since launch, the Sweatcoin app has had over 12M downloads with 4.5M users using the app on a weekly basis SweatCo Ltd, the company behind Sweatcoin, to date has successfully raised almost £5m in venture capital funding. The most recent £4.2m round closed in December 2017, led by Goodwater Capital (a consumer technology focused Silicon Valley VC firm). Greylock Partners, Rubylight, Seedcamp, Justin Kan (founder of Twitch and Justin.tv) and Rain Lohmus (founder of LHV Bank), also participated in the round.