Goodwater leads $5.7m funding round for SweatCo

Other backers include Greylock Partners, Rubylight, Seedcamp, and SmartHub. Angel investors Justin Kan and Rain Lohmus also contributed to the funding round.

With the additional capital, Sweatcoin will continue developing its product and technology team to improve its step-verification algorithm. It will also look to develop an open-source blockchain technology, to enable Sweatcoin to be traded like a cryptocurrency.

Company
Founded in 2014 and headquartered in London, SweatCo's app Sweatcoin tracks steps and rewards users with sweatcoins based on data extracted from the phone's pedometer. The sweatcoin tokens can be exchanged for goods including fitness gear or gadgets.

Sweatcoins are accepted as a means of payment by vendors in the US and the UK, including Boohoo.com, Graze and Hellofresh.

People
Seedcamp – Reshma Sohoni (managing partner).
SweatCo – Anton Derlyatka, Oleg Fomenko (co-founders).

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• UK / Ireland
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• United Kingdom
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