Digital Collectibles Firm Raises $10M to Bring NFTs to Branded Loyalty Rewards Programs
Forum3, a branded digital collectible and strategic advisory company, raised $10 million to accelerate its effort to bring NFTs to branded loyalty programs, such as Starbucks.
The round included Polygon Ventures and was led by Decasonic. Bloccelerate, Liberty City Ventures, Arca, and Valor Siren Ventures were also involved.
"Forum3 demonstrates the necessary domain expertise and management experience that is truly unique among investment opportunities I’ve seen in the web3 space,“ said Paul Hsu, Founder and CEO of Decasonic. “Decasonic invests in companies we believe will pioneer web3 in a way that will evolve society and develop value, and Forum3 has the discipline to deliver just that with the next generation of consumer brand loyalty using digital collectibles.”
To date, Forum3 has created web3-based loyalty and engagement solutions for industry giants Starbucks, The Boston Globe, and Ben Mezrich, a New York Times bestselling author.
This new seed raise will allow Forum3 to continue its goal of introducing big brands to the benefits of blockchain and NFT technologies.
“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.”
Starbucks is one example of how web3 technologies can change how brands interact with their customers.
"At Starbucks, we are committed to a never-ending pursuit of innovation that will surprise and delight our customers and enable us to form more deeply connected relationships,” said Brady Brewer, Starbucks CMO. “Our customers have shown us that connecting with Starbucks and the community is rewarding, and that engaging in gamified experiences or finding collectible aspects of Starbucks are part of the elevated experience."
"Our partnership with Forum3 has been instrumental in shaping the design and implementation of Starbucks Odyssey, our next innovation with Starbucks Rewards, powered by web3 technologies," Brewer continued. "Starbucks Odyssey will offer a combination of unique experiences, benefits, gamification, and digital collectibles for customers and we intend to collaborate with our customers and partners on the path ahead.”
The funds will be specifically used to build a Forum3 digital platform designed to make it easier for brands to access web3 technologies and build their own customer engagement strategies; create community and content tools that focus on consumer brand collectibles and digital community; and scale the current strategy digital advisory services Forum3 offers to expand its customer roster.