Unicorner - 🦄 Cadoo: Earn money through fitness

Cadoo is motivating people to be active with a financial incentive. It allows users to enter fitness challenges for a fee. Users who successfully complete the challenge are refunded their entry fee and earn a portion of the fees from those who were unable to complete the challenge.
🦄 Unicorner Startup of the Week: Cadoo
 
 ✍️ Notes From The Editors  
Hope your week is off to a great start! We’d like to begin today’s issue by welcoming over 2,000 new readers to the Unicorner community. Both of us are incredibly excited to have you here and are looking forward to sending you our thoughts on the coolest startups out there every Monday morning 🚀
 
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 - Arek and Ethan 🦄
 
 
Earn money through fitness
 
 
Cadoo is motivating people to be active with a financial incentive. It allows users to enter fitness challenges for a fee. Users who successfully complete the challenge are refunded their entry fee and earn a portion of the fees from those who were unable to complete the challenge.
 
 
🔗 Check them out: cadoo.io
 
 
💰 Business Model
Cadoo takes a cut from the fees of those who lost the challenge before evenly distributing the funds to the winners.
 
📈 Traction and Fundraising
  • Raised $1.5 million seed round from investors like Apollo VC (Sam & Max Altman) and Dorm Room Fund
  • Over 7,000 users registered with a challenge completion rate of 90%
  • Has integrations for a number of third-party services, such as Strava, Fitbit, and Apple Health
 
👫 Founder(s)
  • Colm Hayden, CEO: Previously Business Dev Intern @ Diginex, Co-Founder @ StratLaunch
  • Tim Parsa, Chairman: Currently Co-Founder & CEO @ Slyk IO, Co-Founder & Chairman @ AirTM, Founding Partner @ Cloud Money Ventures; Previously Co-Founder & CEO @ Uphold Inc., JD @ NYU, Biology BS @ Yale
  
💼 Opportunities
 
🔮 Our Analysis
Fitness is among the hardest habits to build because it’s difficult to stay consistent. We lose motivation when we lose sight of the long-term goals we aim to achieve. By introducing a financial incentive to fitness, Cadoo gives people interested in fitness an additional short-term reason to stay motivated. Cadoo isn’t the first app to reward physical activity (for example, apps like SweatCoin reward walking), but Cadoo is one of the first to add a “betting” aspect to it. Its hypothesis is that when your money is on the line, you’re more likely to stay motivated—and its recent growth seems to support that. Online games with monetary rewards can often be tricked to cash out (remember HQ Trivia and those answer bots?), but Cadoo addresses this through integrations with existing health apps like Fitbit and Strava to mitigate these concerns and keep fitness records honest. If it can do this, combined with an already demonstrated interest in the product, we may soon see a new method for accountability in fitness. What other industries might benefit from this model? Let us know in a reply to this email!
 
📚 Further Reading
 
Written by the editors
 
 
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Made with 💜 by the Unicorner Team 🦄
 
 
🎁 Bonus Content!
Being a good startup founder means being good at keeping on top of your competition—but what does that necessarily mean? Check out this article from Crunchbase on how to conduct a solid competitive analysis.
 
 
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