Quick take:
- Venture capital firm Decasonic led the round, with strategic investments from Polygon Ventures and Valor Siren Ventures.
- The company is led by co-CEOs Adam Brotman and Andy Sack.
- Brotman was previously the chief digital officer at Starbucks.
Forum3, a company that helps brands build Web3 loyalty programs, today announced it secured $10 million in seed round funding.
Venture capital firm Decasonic led the round, with participation by Bloccelerate, Liberty City Ventures, and Arca, along with strategic investments from Polygon Ventures and Valor Siren Ventures.
Launched in 2021, Forum3 worked with Starbucks’ marketing, loyalty and tech teams to build its NFT loyalty program, which launched for beta testing on Thursday to a select group of waitlist members. The company is led by co-CEOs Adam Brotman and Andy Sack.
Brotman was the chief digital officer at Starbucks and is best known as the architect of the Starbucks mobile app. Sack is an accomplished and experienced venture capitalist and entrepreneur who consulted for Satya Nadella and the executive leadership team at Microsoft.
“I’m passionate about the use of storytelling and digital collectibles as an entirely new form of loyalty, that we call experiential loyalty,” said Adam Brotman, co-founder of Forum3. “To be a part of Starbucks adding to its digital flywheel by innovating on customer engagement and loyalty once again has been thrilling.”
With the fresh funding, Forum3 will accelerate its efforts in helping consumer brands architect Web3-based loyalty and engagement solutions. Funds will be used to build Forum3’s own platform that allows brands to create their own digital collectibles and customer engagement strategy.
Forum3 is also planning on creating a set of community and content tools focused on consumer brand collectibles and digital community. The funds will also allow the company to scale its strategic digital advisory services offerings and expand its customer roster to brands and other companies in the US and across the world.
Companies offering services that deliver help brands and creators deliver utilities to their NFTs have seen strong interest from venture capitalists as they explore the utility potential of digital collectibles to retain customer loyalty.
NFT utility platform, Tropee, recently raised $5 million in a seed round. Tropee has already enabled brands like Frederique Constant, 20 Mint, NFT Paris, Rug Radio, G-Star RAW and Christian Lacroix to build and deliver digital and physical utilities to their NFT holders.
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