Forum3 Raises $10M In Seed From Decasonic, Polygon Ventures
- A firm specializing in branded digital collectibles, Forum3, has announced a $10 million seed funding from VC firm Decasonic.
- Along with Decasonic, Polygon Ventures, Bloccelerate, Liberty City Ventures, Arca, and Valor Siren Ventures also participated in the funding.
- Forum3 is known for its partnership with American firm Starbucks for Starbuck Odyssey project experience which went live on Dec. 8.
- Forum3, Starbucks and Polygon will embark on a journey and, starting next year, allow users to purchase ‘Limited-Edition Stamps.’
Forum3, a firm specializing in branded digital collectibles that is especially known for handling the Web3 loyalty program for the American multinational chain of coffeehouses, Starbucks, has announced the completion of its seed funding round.
According to an announcement on December 9, Forum3 has successfully raised $10 million in seed funding from the venture arm of blockchain scaling solution, Polygon (MATIC), Polygon Ventures. However, the round was led by Decasonic, a venture and digital assets fund building blockchain innovation.
Along with Polygon Ventures, Bloccelerate, Liberty City Ventures, Arca, and Valor Siren Ventures also participated in the seed funding round. Interestingly, Forum3 is very well known for its partnership with Starbucks which did not come as a surprise for crypto enthusiasts. This is because the firm’s co-CEO, Adam Brotman, was previously the former chief digital officer of the American firm.
“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 co-CEO Andy Sack said in the statement.
As per the announcement, 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.” Interestingly, this funding round at the the heels of the Starbucks Odyssey experience beta launch.
Starbuck and Forum3 Continue Collaboration
Starbucks and Forum3 will continue to collaborate on the Starbuck Odyssey project which garnered the attention of the crypto space recently. The beta of the same went live on the Polygon blockchain on December 8. Interestingly, only a few members have been allowed to sign up for the waitlist of the beta version of the same.
“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,” said a statement from Polygon.
In partnership with Forum3, Starbucks and Polygon will embark on a journey and, starting next year, allow users to purchase “Limited-Edition Stamps,” which have been designed by the Starbucks partners (employees). The stamps will bring a new dimension for the giant “weaving together visual elements of Starbucks past, present and future into beautiful, layered pieces of artwork.”