Company: Sweatcoin
Founders: Anton Derlyatka, Oleg Fomenko and Egor Khmelev
Website: https://sweatco.in/
About Sweatcoin
Sweatcoin is a true UK consumer-technology success story.
It was founded in 2015 to address perhaps the biggest global health challenge of modern times: falling rates of physical activity, and the rapid rise of obesity and related poor health conditions, from diabetes to cardiovascular disease. The founding belief is that movement has value. Not just intangible ‘value’, but real, economic value, with the poor health of populations becoming a huge financial burden on global economies.
The Sweatcoin premise is simple: to scientifically track a user’s daily steps and behaviourally nudge them to move more each day through real-time rewards and gamification. The company has more than validated its hypothesis – now a profitable, rapidly scaling business of 150+ team members that connects thousands of global brands with over 150 million consumers around the world within the free Sweatcoin app. Overall, users have walked an astounding 18 trillion steps —the equivalent of circling the moon 17 times – and earned almost £160 million worth of rewards such as retail vouchers, fashion, gadgets or health and beauty products.
In 2022-23 Sweatcoin was the most downloaded health and fitness app globally and consistently remains within the top 5, ahead of Strava and MyFitnessPal. The company’s health division now collaborates directly with the NHS and other health providers to apply incentivised movement to combat preventative health conditions. In partnership with the South West London Health Authority, Sweatcoin conducted a ‘Prevention Decathlon’ program on 70 pre-diabetic patients. This yielded remarkable results, including >90% retention (vs typical averages of <30% for similar trials), an average weight loss of 3kg per participant (with some as high as 10kg) and an average increased step count of 45%. These findings underscore Sweatcoin’s role as a catalyst for positive behavioural change and these trials are in the process of being rolled out to 1000s more at-risk patients around the UK.
Even outside of its health cohort users, the average Sweatcoin consumer, as shown by our case studies (and validated by University of Warwick), moves 20% more post downloading the app.
A sedentary lifestyle not only poses significant risks to individual health, contributing to the development of conditions such as obesity, diabetes, and cardiovascular issues, but also affects our economy, costing the UK NHS over £10bn annually for diabetes alone. Sweatcoin utilises the principles of behavioural economics, tapping into the human tendency to respond more favourably to immediate rewards than delayed or long-term benefits. In doing so, users who may not be traditionally health-focused are directly engaged.
Looking ahead, Sweatcoin is poised to extend its global D2C audience by entering new markets, offering new functionality for users and building upon its positive impact in public healthcare. The ongoing NHS collaboration aims to expand beyond addressing diabetes, encompassing cardiovascular disease and the business is actively fostering new partnerships across the public and private health sectors. As Sweatcoin continues to pioneer a movement economy globally, its commitment to health and societal wellbeing remains at the core of its mission.
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