Today Forum3, a Seattle-based startup that helps companies build Web3-enabled loyalty programs, has announced it has raised a $10 million seed funding round. The company, co-founded by former Starbucks loyalty lead Adam Brotman and Seattle-based VC and ex-Microsoft exec Andy Sack, raised funding from Decasonic and included participation by Bloccelerate, Liberty City Ventures, and Arca, along with strategic investments from Polygon Ventures and Valor Siren Ventures.
The news comes a day after Starbucks launched the beta for Odyssey, the Web3-powered component of the Starbucks Rewards loyalty program. Odyssey allows members to gain benefits through playing games and participating in activities called Journeys. When they complete Journeys, members will earn points and get NFTs (called Journey Stamps) that give them access to exclusive benefits. In addition, members can purchase limited edition NFTs, which will provide them with additional Odyssey points and unique artwork. Some benefits that Odyssey members will have access to include exclusive events and early access to merchandise.
With the Starbucks deal, Forum3 co-CEO Brotman continues his long relationship with his former employer and fully embraces what has become his passion in Web3. Before founding Forum3, the coffee giant’s former Chief Digital Officer was hand-picked to be the CEO of Brightloom, a company that was re-spun as a digital loyalty platform company with a cash infusion from Starbucks. Over the past year plus, however, Brotman had made clear he was all-in on Web3, doing the rounds on podcasts, advising Starbucks on its entry into Web3, and forming a Web3 consultancy at Brightloom before starting his new company.
And to be honest, what Forum3 is now doing sounds a lot like what Brotman had started to build at Brightloom. Earlier this year, Brightloom had begun to put together its entry into the Web3 advisory services business but delayed the announcement until last month. According to Brightloom and Brotman’s Linkedin, he is still part-time chairman at Brightloom, or at least was until this week. My guess is Brotman saw the opportunity to leverage his relationship with Starbucks and make their interest in building a Web3 loyalty program the launch point for a new startup.
Interestingly, this news comes a week after Brightloom launched a new Web3 spinout called Thred, which calls itself a search and discovery platform for NFTs. Thred is led by Ben Straley, former president and chief product officer of Brightloom.
These moves come when NFTs and the broader Web3 space have come down to earth during a general crypto downturn. Despite all of the recent pessimism, it appears that investors still have an appetite for new loyalty and discovery platforms built on top of blockchain technology.
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