Forum3, a digital collectible and strategic advisory company, announced it secured $10 million in seed round funding.
The investment round was “led by Decasonic, and included participation by Bloccelerate, Liberty City Ventures, and Arca, along with strategic investments from Polygon Ventures and Valor Siren Ventures.”
Forum3 claims it is “a pioneer in branded digital collectibles, which comprises the fastest growing segment of the half-trillion dollar global collectibles market.”
Forum3 has architected Web3-based loyalty and engagement solutions “using branded digital collectibles for a roster of customers that includes Starbucks, The Boston Globe, and New York Times Bestselling Writer Ben Mezrich.”
The latest funding announcement “comes on the heels of Forum3’s partner Starbucks launching its new Odyssey beta experience for a select group of waitlist members.”
The Starbucks Odyssey experience is “an extension of Starbucks Rewards, powered by Web3 technology, that unlocks access to exciting new benefits and experiences for members.”
The experience “allows members to participate in a series of entertaining, interactive activities called ‘Journeys’.”
Once a Journey is complete, members will “earn collectible ‘Journey Stamps’ (NFTs) and Odyssey Points that will open access to new benefits and immersive coffee experiences that they cannot get anywhere else.”
The experience was “developed in collaboration with Forum3, and will allow Starbucks to enhance its rewards ecosystem and be at the forefront of innovation of customer experiences.”
Starting today, Starbucks Rewards Members “who are invited to join Starbucks Odyssey will be able to earn Stamps for playing interactive games and taking part in challenges, and will soon be able to purchase limited edition stamps (NFTs) including Odyssey Points and one-of-a-kind artwork.”
Holding stamps “gives users the ability to access experiences such as online classes and exclusive events, or to obtain early access to select merchandise.”
Forum3 is led by the co-CEOs Adam Brotman and Andy Sack.
Brotman was “the former 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 on innovation and digital transformation.”
He has “a long history investing in early stage ventures through Keen.capital, Techstars Seattle, and Founders co-op.”
Adam Brotman, co-founder of Forum3, said:
“I’m passionate about the use of storytelling and digital collectibles as an entirely new form of loyalty, that we call experiential loyalty. To be a part of Starbucks adding to its digital flywheel by innovating on customer engagement and loyalty once again has been thrilling.”
By working with big brands like Starbucks, Forum3 is “removing the friction that prevents users from accessing Web3 opportunities such as digital collectibles.”
For example, no special wallet “will be required to participate.”
Starbucks Rewards members simply “use their credentials to receive their unique stamps in the form of NFTs and access to virtual experiences.”
Brady Brewer, Starbucks CMO, remarked:
“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.”
Brady added:
“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. 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.”
Andy Sack, co-founder of Forum3 added:
“Most consumer brands are struggling to put together a cohesive strategy for building digital experiences that delight their customers. Given Adam’s and my professional backgrounds, Forum3 is uniquely positioned as one of the leading companies in the world to help consumer brands assemble the right digital strategy and delight their customers digitally, like the approach Starbucks is taking with Starbucks Odyssey.”
Forum3 claims it is uniquely positioned “as one of the leading companies in the world to assist consumer brands take the best of Web3 and bring it to web2 companies and customers.”
Forum3 will “use the new funding to further execute on a number of initiatives,” including:
- Building its own platform designed to make it easy for brands to jump into the space and create their own digital collectible and customer engagement strategy.
- Creating a set of community and content tools focused on consumer brand collectibles and digital community.
- Scaling its strategic digital advisory services offerings to expand its customer roster to brands and other companies in the US and across the world.