The Investment
Early 2024, we came across Receipts as a fun product launched for early Farcaster users. You could easily connect your Strava account, and they would create a “receipt”, which was an onchain attestation on Base, of the workout you just did, or your overall activity for the week. It was a fun way of putting offchain data, onchain.
When we met Victor and Steph, we were blown away by their vision, and their product market fit. Both have shared their journeys both as builders, and as fitness enthusiasts online. Steph is a marathoner, and Victor did a 180 in health, and is dialed in. They wanted to build a mobile app that helped users earn rewards for working out.
The product idea is simple: “A user might get rewarded with a discount by a sports brand after checking into their run and completing 5k. It’s a win-win for the customer and the brand. The customer gets a discount, and the brand gets access to a high LTV customer.”
“For Victor, the holy grail is lowering the health insurance premium of a user through proving their workouts, and overall health status through receipts.”
We also saw that the space was ripe for disruption, as the behemoth that is Strava is barely considering going onchain, or add rewards or token mechanics into their product. Other previous iterations like STEPN were farmed, and too simple.
Over this past year, they’ve kept a lean team focused on shipping a high quality product. They have revamped their app, including engagement hooks like Streaks, Goals, Rewards for working out, and are exploring social features. Right now, you can redeem gift cards on partners like Nike, Vuori, or Lululemon in exchange for your points earned.
We’re eager to see how the product evolves, and brings web2 users into web3, without even noticing.
Company Building
Q: What led to the initial idea of receipts and pivoting from nftd, to the fitness and wellness space?
A: Originally, we wanted to explore a product that could be the bridge between offchain and onchain. There is (still) a massive gap between the data available on the internet and the data available for builders in crypto. We started with the one data source we understood the deepest from our own lives - fitness data. The first iteration of Receipts simply brought data from Strava to crypto wallets via EAS (Ethereum Attestation Service), we launched the MVP on Farcaster. We had two unique insights: 1) building in fitness requires tapping directly into wearable devices, going as upstream as possible 2) people are motivated by incentives (whether they’re leaderboards, social capital, streaks, or financial incentives).
Fitness has completely changed both of our lives. Steph is a 3x Boston qualifying marathoner, and Victor completely changed his health around (losing 35 lbs) and is now training for his first HYROX race.
Q: Where have you acquired the most engaged users on Receipts?
A: We first launched on Farcaster, which was invaluable for us to find our first 100 users and our first investors. We’re also engrained in the NYC fitness community, members of run clubs, yoga studios, HIIT gyms, etc. We invited our IRL friends, who have invited their friends, training partners, gym buddies, etc.
We launched referrals about 1 month ago and > 50% of new users have come from word of mouth referrals.
Q: What’s next for Receipts?
A: Making the product dynamic, fresh, and an experience folks come back to constantly. We have some ideas cooking here.
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