STEPN Raised $5.0M in Seed Round Funding from Sequoia Capital, Folius Ventures and other leading Web3 Investors
STEPN, the first Web3 running app with fun social and game elements, raised a $5.0M seed round from leading investors including Sequoia Capital, Folius Ventures, Solana Capital, Alameda Research, 6th Man Ventures, DeFi Alliance, M13, Corner Ventures, Sfermion, Zee Prime Capital, Lemniscap, Spark Digital Capital, MorningStar Ventures, Openspace Ventures, Solar Eco Fund and WelinderShi Capital. Notable Angel investors including Santiago R Santos and Asia Partner of Republic Zhen Cao also participated in the round. The proceeds will support STEPN’s mission to inspire millions to engage in healthier lifestyles, connecting them to the Web3, and contributing positively to Carbon Neutrality.
Through STEPN’s in-app Marketplace, Swap and Wallet, users can purchase NFT Sneakers which can be used to earn tokens by simply walking, running, and jogging. The mobile app helps by tracking the users’ outdoor movements based on the time and distance covered and awarding them with tokens that can be cashed out to stablecoin instantly to their Crypto exchanges. With what STEPN has delivered to the market, users can conveniently access to the Crypto market at their fingertips earning handsome rewards while achieving their fitness goals.
“STEPN is a category-defining Web3 game and NFT platform. It marries the real world with a fun and accessible move2earn gameplay that is built on digital asset ownership,” says Aakash Kapoor, VP of Sequoia India. “We are excited by the game’s potential to create fitness habits while introducing users into the Crypto world at the same time.”
In late December 2021, STEPN launched its public Beta and has since been ranked top 3 NFT market-cap in the gaming category. Users from 85 countries downloaded the STEPN app with a daily retention rate of over 80%. The team was ranked 4th for the Gaming Track in the recent Solana Ignition Global Hackathon.
“We think the NFT-enabled, gamified, fitness-oriented move2earn mobile app that STEPN is building is an excellent idea,” says Jason Kam, the founder of Folius Ventures. “The additional monetary incentive alters the dopamine curve just enough to bring millions into healthier lifestyles and to the Web 3.0 world. The experience and the execution speed of the team has really impressed us so far, and we cannot wait to work with them to foster a vibrant and sustainable Token Ecosystem for the long-term.”
STEPN plans to develop and release additional features in the coming months including social elements, NFT Achievement System, NFT Sneaker Rental System, and more. The team is also continuously accepting community feedback and carefully designing its Tokenomic.
“STEPN is a Web3 game that promotes an active lifestyle by making walking and running fun and engaging; the game sits at the intersection of two mega trends: at-home Health & Fitness apps and Sneaker collecting,” says Web3 Investor Santiago R Santos. “STEPN is ushering a new wave of Web3 games in what they’re coining ‘move2earn’, which likely gives rise to more sustainable and net positive gaming experiences.”
STEPN is the world’s first move2earn running app, where users equipped with NFT Sneakers can walk, jog or run to earn tokens. Users burn tokens to level up, repair and mint new Sneakers to sell or lease on the Marketplace. Alternatively, users can swap tokens to SOL or USDC using the Trade function. STEPN is currently available to download from the Website, by following the three simple steps below.
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