Digital collectibles firm Forum3 raises $10 million in seed funding

Quick Take

  • Forum3, a firm specializing in branded digital collectibles, raised $10 million in seed funding. 
  • The venture firm Decasonic led the round, with additional participation from Bloccelerate, Liberty City Ventures, Arca, Polygon Ventures and Valor Siren Ventures. 
  • Forum3 will use the funding to bring digital collectibles into branded loyalty rewards programs, such as at Starbucks. 

Digital collectibles company Forum3, the firm that helped power Starbucks' recent web3 loyalty program, raised $10 million in seed funding.

Venture firm Decasonic led the round, with additional participation from Bloccelerate, Liberty City Ventures, Arca, Polygon Ventures and Valor Siren Ventures.

In some ways, the partnership with Starbucks comes as no surprise. Forum3 is run by co-CEOs Adam Brotman, the former Chief Digital Officer of Starbucks and VC and entrepreneur Andy Sack.

"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 a statement.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

With Starbucks, Forum3 is helping customers access digital collectibles and other web3 opportunities by removing friction, such as omitting the need for web3 wallets for customers to receive branded digital collectibles. Customers only need their credentials to begin collecting rewards. The project was launched on Polygon. 

Other customers so far have included The Boston Globe newspaper and author Ben Mezrich, according to the company's website


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

Editor

To contact the editor of this story:
Lucy Harley-McKeown at
[email protected]