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🦄 Unicorner Startup of the Week: Cadoo
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✍️ 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 🚀
Unicorner is as much a community as it is a newsletter. Start a discussion with us at any time by replying to our emails—send us all your questions, comments, cool companies, and even your favorite unicorn pictures! In fact, if you haven't yet, introduce yourself to us in a reply so we can get to know each other.
Lastly, we want to thank all of you for your support last Monday during our Product Hunt launch. Whether you’ve been with us from the start or just joined the Unicorner family, we’re grateful for each and every one of you. We can’t wait for you to see our next batch of companies! ❤️
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Earn money through fitness
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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.
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💰 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
👫 Founder(s)
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Colm Hayden, CEO: Previously Business Dev Intern @ Diginex, Co-Founder @ StratLaunch
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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
🔮 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
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Made with 💜 by the Unicorner Team 🦄
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🎁 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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