• Tech News
    • Games
    • Pc & Laptop
    • Mobile Tech
    • Ar & Vr
    • Security
  • Startup
    • Fintech
  • Reviews
  • How To
What's Hot

Plant-based chicken startup Rebellyous Foods raises $9.5M to launch latest production tech – Startup

February 4, 2023

Startup T2 Wants to Terminate Twitter

February 4, 2023

Eight Steps An Entrepreneur Can Take To Start Repairing Their Personal Brand

February 4, 2023
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Facebook Twitter Instagram Pinterest VKontakte
Behind The ScreenBehind The Screen
  • Tech News
    1. Games
    2. Pc & Laptop
    3. Mobile Tech
    4. Ar & Vr
    5. Security
    6. View All

    Bring Elden Ring to the table with the upcoming board game adaptation

    September 19, 2022

    ONI: Road to be the Mightiest Oni reveals its opening movie

    September 19, 2022

    GTA 6 images and footage allegedly leak

    September 19, 2022

    Wild west adventure Card Cowboy turns cards into weird and silly stories

    September 18, 2022

    7 Reasons Why You Should Study PHP Programming Language

    October 19, 2022

    Logitech MX Master 3S and MX Keys Combo for Business Gen 2 Review

    October 9, 2022

    Lenovo ThinkPad X1 Carbon Gen10 Review

    September 18, 2022

    Lenovo IdeaPad 5i Chromebook, 16-inch+120Hz

    September 3, 2022

    YouTube adds very convenient iPhone homescreen widgets

    October 15, 2022

    Google finishes iOS 16 Lock Screen widgets rollout w/ Maps

    October 14, 2022

    Is Apple actually turning iMessage into AIM or is this sketchy redesign rumor for laughs?

    October 14, 2022

    Samsung’s One UI 5 update is largely about personalization

    October 14, 2022

    MeetKai launches AI-powered metaverse, starting with a billboard in Times Square

    August 10, 2022

    The DeanBeat: RP1 simulates putting 4,000 people together in a single metaverse plaza

    August 10, 2022

    Improving the customer experience with virtual and augmented reality

    August 10, 2022

    Why the metaverse won’t fall to Clubhouse’s fate

    August 10, 2022

    How Apple privacy changes have forced social media marketing to evolve

    October 16, 2022

    Microsoft Patch Tuesday October Fixed 85 Vulnerabilities – Latest Hacking News

    October 16, 2022

    Decentralization and KYC compliance: Critical concepts in sovereign policy

    October 15, 2022

    What Thoma Bravo’s latest acquisition reveals about identity management

    October 14, 2022

    What is a Service Robot? The vision of an intelligent service application is possible.

    November 7, 2022

    Tom Brady just chucked another Microsoft Surface tablet

    September 18, 2022

    The best AIO coolers for your PC in 2022

    September 18, 2022

    YC’s Michael Seibel clarifies some misconceptions about the accelerator • DailyTech

    September 18, 2022
  • Startup
    • Fintech
  • Reviews
  • How To
Behind The ScreenBehind The Screen
Home»Startup»After advising Starbucks’ NFT project, Seattle tech vets Adam Brotman and Andy Sack raise $10M for Web3 startup – Startup
Startup

After advising Starbucks’ NFT project, Seattle tech vets Adam Brotman and Andy Sack raise $10M for Web3 startup – Startup

December 15, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
After advising Starbucks' NFT project, Seattle tech vets Adam Brotman and Andy Sack raise $10M for Web3 startup – GeekWire
Share
Facebook Twitter LinkedIn Pinterest Email
Forum3 co-CEO Adam Brotman (left) and co-CEO Andy Sack. (Forum3 Photo)

Two longtime Seattle-area tech leaders are teaming up on a new startup that sells NFT-based customer engagement tech to consumer-facing companies.

Former Starbucks exec Adam Brotman and startup investor Andy Sack just raised $10 million for Forum3.

The fresh funding comes after co-CEOs Brotman and Sack recently advised Starbucks on the launch of Starbucks Odyssey, a new NFT initiative from the coffee giant that lets Starbucks Rewards members earn and purchase collectable digital stamps, then buy and sell them in a marketplace with other members of the loyalty program.

Through its tech platform, Forum3 plans to work with brands to remove the normal frictions that come with blockchain tech, such as having a crypto wallet or owning cryptocurrency. Users will be able to engage with a company’s customer loyalty platform with their credit cards and phones. The goal is to sell a white-labeled version of Odyssey to other consumer-facing brands, Sack told Startup.

Sack said brands offering something like Odyssey will be the “predominant consumer use case of blockchain.”

Forum3 plans to target other midsize-to-large companies in industries ranging from consumer packaged goods, hospitality and travel. It will make money through licensing, royalties and other servicing fees. Sack said Forum3 will be “chain-agnostic,” meaning it will eventually work with all types of blockchain platforms.

The startup’s first project was a three-stage NFT “drop” with author and screenwriter Ben Mezrich, and it also helped on a collaboration with the Boston Globe. After that, in April, Starbucks leaders reached out and Forum3 became strategic advisers for Odyssey.

There are a number of players in the Web3 loyalty space advising brands and individuals on NFT-based loyalty tech. Hang recently raised $16 million and works with brands like Budweiser and Bleacher Report. Sack said that Forum3 will be able to compete because of his and Brotman’s experience and connections.

See also  Before Starbucks Baristas Had Unions, They Had Coworker Petitions

Sack co-founded Seattle-based seed-stage investment fund Founders’ Co-op, then led Techstars Seattle for five years, with one cohort producing three unicorns. After that, he worked alongside Microsoft CEO Satya Nadella as an innovation and digital transformation consultant. Most recently, he was an investor at blockchain native venture fund Keen.capital.

Brotman is the former chief digital officer at Starbucks, where he helped build the Starbucks mobile app, which now handles more than a quarter of the company’s orders. He is also the former CEO and current chairman of Brightloom, a startup that helps companies turn their customer data into personalized marketing campaigns.

“We have an understanding of how to work with big brands,” Sack said. “There will be aspects of our platform that will be very different than the standard players in the space.”

Blockchain startups have struggled to secure funding this year, part of broader market downturn and flurry of negative headlines looming over the crypto space. Venture capitalists deployed just $4.44 billion in crypto-related companies in the third quarter of the year, Bloomberg reported, down 37% from the same period last year.

The swift collapse of the giant digital-asset exchange FTX last month also sent a contagion through the crypto industry.

Sack said that some people have been “building Ponzi schemes and scams all around crypto and these tokens, and they have no utility in the world.”

“All that is somewhere over in left field,” he said. “We are far away in a totally different space. We have a real business case.”

The funding round was led by Decasonic, with participation from Bloccelerate, Liberty City Ventures and Arca. Other investors include Polygon Ventures and Valor Siren Ventures.

See also  How Web3 Companies Can Use The Bear Market To Build Mindshare



Source link

10M Adam advising Andy Brotman NFT Project raise Sack Seattle Starbucks Startup Tech vets Web3
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Plant-based chicken startup Rebellyous Foods raises $9.5M to launch latest production tech – Startup

February 4, 2023

Startup T2 Wants to Terminate Twitter

February 4, 2023

Eight Steps An Entrepreneur Can Take To Start Repairing Their Personal Brand

February 4, 2023

Here’s how VCs are advising founders and assessing startups amid the tech downturn – Startup

February 3, 2023
Add A Comment

Comments are closed.

Editors Picks

Derivates Path teams up with Goldman Sachs to deliver FX and global payments to US community banks

July 2, 2022

Canon EOS R7 review: A strong start for RF-mount crop sensor cameras

August 23, 2022

Axie Infinity NFT game reopens transactions months after $625 million theft

June 28, 2022

Simon Belmont and Alucard join the skirmish in Brawlhalla this October

September 11, 2022

Subscribe to Updates

Get the latest news and Updates from Behind The Scene about Tech, Startup and more.

Top Post

Plant-based chicken startup Rebellyous Foods raises $9.5M to launch latest production tech – Startup

Startup T2 Wants to Terminate Twitter

Eight Steps An Entrepreneur Can Take To Start Repairing Their Personal Brand

Behind The Screen
Facebook Twitter Instagram Pinterest Vimeo YouTube
  • Contact
  • Privacy Policy
  • Terms & Conditions
© 2023 behindthescreen.uk - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.