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Sweatcoin

“Can a step-counting loyalty app with 150M+ users become the default physical-activity incentive layer for health brands, insurers, and employers worldwide?”

Founded2014
HQLondon, UK
Latest roundUndisclosed, July 2022 ($13M crypto/web3 round)
IndustryVertical SaaS / Health & Fitness
The story

Founded circa 2014 and launched in 2016 as a step-reward app that converts physical movement into a proprietary in-app currency ('sweatcoins') redeemable for marketplace offers from brand partners. Monetisation is B2B: brands pay Sweatcoin to feature products, with no charge to end users. In 2022 the company layered a web3 ambition on top via Sweat Economy / SWEAT token, raising $13M to position sweatcoins as a bridge to blockchain-based rewards. The embedded-finance footprint is thin: Wise handles influencer payouts, Runa powers digital reward fulfilment, and PayPal is an alternative influencer payout rail.

Last 12 months
2022-07
Product timeline
2016
Sweatcoin app launched, allowing users to earn a proprietary in-app currency by walking verified steps.· pivot
2018
Raised seed funding from Asymmetry Ventures to scale the app and marketplace.· banking
2019
Stopped collecting GPS data, shifting step verification to on-device motion sensors only.· pivot
2022
Launched Sweat Economy / Sweat Wallet, introducing a blockchain-based SWEAT token redeemable by converting in-app sweatcoins to crypto, backed by $13M raise led by Spartan Capital.· banking
2024
Ranked 2nd most downloaded Health & Fitness app globally with 8M MAU across 180 countries.· pivot
Regulated entities
Data Controller (ICO registration)
UK
SweatCo Ltd
The stack
FX & payouts
Wise Platform
Accounting gap: none