Spartan Capital leads $13 million round for Sweatcoin developer Sweat Economy

Quick Take

  • The team behind health and fitness app Sweatcoin raised a $13 million round as it seeks to deepen its web3 capabilities. 
  • The round was led by Spartan Capital. Electric Capital, OKX Blockdream Ventures, Goodwater Capital and GSR Capital also participated in the round. 

Sweat Economy, the team behind health app Sweatcoin, closed a $13 million round led by Spartan Capital. 

According to an announcement this morning, Electric Capital, OKX Blockdream Ventures, Goodwater Capital and GSR Capital also participated in the round, which was comprised of both equity funding and a private token sale. 

Sweat Economy will use the funds to expand usage of its native token SWEAT across its ecosystem, including on the Sweatcoin app. Sweatcoin rewards users with an off-chain currency for its daily steps, which can be used on discounts or donated to charity. It claims to have over 100 million users, making it the most downloaded health and fitness app of  2022, according to data collected by Apptopia

“Web3 onboarding can be daunting to many as it often involves a steep learning curve," said Spartan Capital founding partner Kelvin Koh in a statement. "Sweatcoin is providing users with a new way to exercise and earn, all while lowering the entry barrier and reducing the technical know-how."