Cadoo Raises $ 1.5 Million To Gamify Fitness With Betting Challenges – TechCrunch
Summary
Cadoo, an American start-up that gamifies fitness by turning it into a betting opportunity and using the prospect of winning (or losing) cold money to motivate people to get off the couch, has 1 , $ 5 million seed capital from Sam & Max Altmans. The Apollo VC Altman brothers commented on the seed elevation in a statement: “Cadoo makes it easy to use financial incentives to motivate users to stay active. Of course, gamification of health is nothing new – given the data-driven quantification and goal-based motivation that has been going on around fitness for years, powered by wearables that make it trivial, steps, distances, calories burned, etc. But injecting money into the mix adds another layer of competition that can be helpful in motivating a certain type of person to get or stay fit. Cadoo isn’t the only fitness-focused startup taking this path, however – with a range of apps that pay users to lose weight or otherwise be active (though sometimes less direct by being paid in digital currency, which are can).