Moonwalk Raises $3.4M to Accelerate Expansion and Gamify Fitness with Financial Rewards
Moonwalk Fitness plans to expand by integrating financial rewards with healthy habit tracking to boost user engagement.
Moonwalk Fitness, a fitness accountability app that gamifies healthy habit formation, has successfully raised $3.4 million in seed funding. The round was led by Hack VC, with additional support from Binance Labs and CMS Holdings. The app, built on the Solana blockchain, integrates financial rewards with fitness challenges, creating a unique blend of habit-building and earning potential for its users. Notable crypto-native investors like Kyle Samani (Multicoin Capital) and Solana Co-founder Raj Gokal also participated in the round.
Moonwalk Fitness enters a rapidly expanding fitness app market, valued at $9.25 billion in 2023 and projected to grow at a 14% compound annual growth rate (CAGR) through 2030. Unlike traditional fitness apps, dominated by exercise and weight loss offerings, Moonwalk's approach includes financial incentives for users who complete step challenges and other fitness goals.
Building on the success of Move-to-Earn Games
Moonwalk's concept follows the successful launch of StepN, a move-to-earn app that became wildly popular after its debut in 2021. StepN attracted over 700,000 monthly users at its peak, but its further adoption was limited by a hyperinflationary economic model, which ultimately undermined the platform's long-term success. Moonwalk Fitness aims to avoid similar pitfalls by creating a more sustainable model, integrating crypto elements to provide value without overwhelming users with complexities.
"By making fitness fun and financially rewarding, we believe we can motivate people to lead healthier lifestyles," said Sol, Co-Founder of Moonwalk Fitness.
Built on Solana, Moonwalk Fitness leverages blockchain to enhance the user experience while keeping the technology behind the scenes. This design allows for a smoother onboarding process for non-crypto users, which is crucial for mass-market appeal. The platform's step challenges reward users with financial incentives, blending gamification with real-world value.
Roshun Patel, Partner at Hack VC, expressed his confidence in Moonwalk's potential: "Moonwalk sits at the intersection of fitness and consumer crypto, unlocking an entirely new class of users. A slick mobile app will abstract crypto elements away from users, fostering simple onboarding and high retention. We're excited to back this dynamic, experienced Solana-native team on a journey to make fitness accessible and fun for everyone."
With this infusion of capital, Moonwalk Fitness plans to accelerate its roadmap, expanding user access and developing new features to fuel growth in the evolving move-to-earn space.