Spartan Capital Leads $13 Million Round for Sweatcoin Developer
Sweat Economy, the team behind the Sweatcoin health app, closed a $13 million round led by Spartan Capital. The round was led by venture capital company Spartan Capital.
According to the announcement made this morning, Electric Capital, OKX Blockdream Ventures, Goodwater Capital and GSR Capital also participated in the round, which included both equity financing and private token sales.
Sweat Economy will use the funds to expand the use of its own SWEAT token in its ecosystem, including in the Sweatcoin application. Sweatcoin rewards users with over-the-counter currency for daily steps that can be used for discounts or donated to charity. It is claimed to have over 100 million users, making it the most downloaded health and fitness app in 2022, according to data compiled by Apptopia.
"Connecting to Web3 can be intimidating for many, as it is often associated with a steep learning curve," said Kelvin Koch, founding partner of Spartan Capital. "Sweatcoin provides users with a new way to exercise and earn money, while lowering the entry barrier due to technical know-how."
Companies like Stepn (GMT), which have used tokenized incentives to encourage exercise, have previously been criticized for the sustainability of the business model.
In Sweat Economy, Sweatcoin users must subscribe to its in-network currency, which can be sold 1:1 with Sweatcoin. The project team claims that more than 11 million have done this and downloaded the wallet app.
On September 12, the company will celebrate the release of the token and the accompanying wallet with the SWEAT token generation event on the Ethereum and Near blockchains.
https://coin-signal.com/cryptonews/spartan-capital-leads-13-million-round-for-sweatcoin-developer/
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