Today, Forum3, a Seattle-based startup that helps businesses build Web3-enabled loyalty programs, announced that it has raised a $10 million seed round of funding. The company, co-founded by former Starbucks loyalty head Adam Brotman and Seattle-based VC and former Microsoft exec Andy Sacks, raised funding from Decasonic and included participation from Bloccelerate, Liberty City Ventures and Arca, along with strategic investments from Polygon. Ventures. and Valor Siren Ventures.

The news comes a day after Starbucks launched the beta version of Odyssey, the Web3-powered component of the Starbucks Rewards loyalty program. Odyssey allows members to earn benefits through playing games and participating in activities called Journeys. When completing Journeys, members will earn points and earn NFTs (called Journey Stamps) that give them access to exclusive benefits. Additionally, members can purchase limited-edition NFTs, which will earn them additional Odyssey Points and unique artwork. Some benefits that Odyssey members will have access to include exclusive events and early access to merchandise.

With the Starbucks deal, Forum3 Co-CEO Brotman continues his longstanding relationship with his former employer and fully embraces what has become his passion at Web3. Before founding Forum3, the coffee giant’s former chief digital officer was handpicked to be the CEO of Brightloom, a company that morphed into a digital loyalty platform company with an infusion of cash from Starbucks. Over the past year, though, Brotman had made it clear that he was fully invested in Web3, making the rounds on podcasts, advising Starbucks on its Web3 entry, and forming a Web3 consultancy at Brightloom before starting his new company.

And to be honest, what Forum3 is doing now looks a lot like what Brotman had started building at Brightloom. Earlier this year, Brightloom had begun to put together its entry into the Web3 consulting services business, but delayed the announcement until last month. According to Brotman’s Brightloom and Linkedin, he is still part-time president at Brightloom, or at least he was until this week. I guess Brotman saw an opportunity to take advantage of his relationship with Starbucks and make his interest in creating a Web3 loyalty program the launch point for a new company.

Interestingly, this news comes a week after Brightloom launched a new Web3 spin-out called Thred, calling itself an NFT search and discovery platform. Thred is led by Ben Straley, formerly Brightloom’s president and chief product officer.

These moves come as NFTs and the Web3 space in general have hit dirt during a general crypto downturn. Despite all the recent pessimism, it seems investors still have an appetite for new discovery and loyalty platforms built on blockchain technology.

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