Famed S.Korean pedometer app Cashwalk attracts first investment of $22 million

Nudge Healthcare, a startup that runs the South Korean health management app Cashwork, on Wednesday said it secured its first investment of 30 billion won ($22.6 million).

Korea Investment Partners, Shinhan Capital and Shinhan Investment & Securities participated in the investment.  Large-scale venture investment amid the “cold season” of an economic downturn has attracted industry attention.

Cashwalk rewards users with money when they walk, with completion of 10,000 steps worth 100 StepCoins (about 70 won). The app also has a “money-making quiz” that randomly gives cash to anyone who correctly answers the questions.

Nudge Healthcare’s sales have soared thanks to the app’s popularity at home and abroad. Last year, consolidated sales increased 39% year on year to 79 billion won and operating profit grew 12% to 10 billion won, giving the company its best performance in history.

With overseas sales last year skyrocketing 227% from 2021, Cashwalk is focusing on entry into global markets such as North America and Europe as well as Asia.

“Cashwork encourages users to maintain health care habits through monetary reward,” lead investor Korea Investment Partners said. “It conveys a sense of self-efficacy as a value.” 

Write to Jung-Rak An at jran@hankyung.com