Cobalt has advised technology investment fund Rubylight on its investment in London-based Sweatcoin as part of a recently completed USD 5.7-million initial seed stage round of financing.
Other investors, in addition to Rubylight, included Goodwater Capital, Greylock Partners’ Discovery Fund, and Seedcamp.
Sweatcoin is a free smartphone application that pays people to be physically active. The app pays its users in digital “sweatcoins” for how many steps they take daily. These sweatcoins can subequently be exchanged for fitness-related products and services.
The Cobalt team consisted of Partner Kristel Raidla-Talur and Associate Greete-Kristiine Kuru.