a16z crypto joins KIKI World’s $7 million funding round
KIKI World, a blockchain-based community commerce company, has raised $7 million in a funding round.
a16z crypto and Estée Lauder Companies’ New Incubation Ventures participated in the round, with additional support from Double Down, 2Punks Capital, Advancit, RedDao, OrangeDao, and NFT influencer GMoney.
KIKI World provides users with blockchain-based rewards, collectibles, and community experiences centered around beauty products. The company uses its web3 infrastructure to obtain customer feedback on new products, especially cosmetics, perfumes, and other items. Customers vote for the products they want to see and earn points and digital tokens. The company plans to launch the new platform in April 2024, where creators, brands and fans can launch engagement campaigns and offers.
“KIKI’s founding team brings complementary experience across beauty and technology. It’s great to see them bring their expertise to web3 and grow from being a participant in the Crypto Startup Accelerator program to now fostering a thriving KIKI community. “It was rewarding work.” Arianna Simpson, general partner at Andreessen Horowitz, said in her statement: “We are excited to support KIKI’s vision to build digital-to-physical experiences that empower customers to co-create and co-own products.”
Blockchain-based rewards
Launched in May 2023, KIKI World offered products such as peel-off nail polish implanted with a chip that rewarded customers each time they used the product. KIKI World users can also request an Ethereum-based digital membership card called KIKI World Pass to participate.
KIKI World said: “KIKI World Pass is our onramp to the world of Web3 and the first step towards a world where customers have a real stake in the products they create and have greater control over their data and identity online. “It is,” he wrote. release.
The company’s major backer, cosmetics giant The Estée Lauder Companies, disclosed net sales of $3.52 billion for the financial quarter ending September 30, 2023, compared with $15.1 billion over the past four quarters, according to Yahoo. It hit $60 million, giving it a market capitalization of nearly $53 billion. Jae Won.
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