Sweatcoin Raises $5.7m in Seed Funding

Sweatcoin, a London, UK-based provider of a free smartphone app that allows users to earn cryptocurrency in exchange for working out, raised $5.7m in seed funding.

The round was led by Goodwater Capital with participation from Greylock Partners, Rubylight and Seed Camp.

The company intends to use the funds to expand to English-speaking countries beyond USA and UK, to continental Europe and Asia.

Co-founded by Anton Derlyatka and Oleg Fomenko, Sweatcoin is a digital currency backed by physical movement. The app verifies and converts movement into currency. Users can then donate it to charity, transfer to other users or spend on products, services & experiences provided by Sweatcoin vendors and user community.



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