CUB3 Raises $6.5 Million In A Funding Round To Launch Web3 Rewards Platform

Key Points:

• A $6.5 million Series A fundraising lead by BITKRAFT Ventures and Fabric Ventures has been announced for CUB3, a loyalty network that intends to revolutionize how communities reward important and engaged members.
• The fund will be used to launch the company’s Proof of Behaviour platform and protocol, which automates Web3 incentives based on users’ actual actions.

A $6.5 million funding round for CUB3, a customer loyalty platform that automates Web3 incentives based on users’ actual-world behaviors, was headed by venture capital companies Bitkraft and Fabric Ventures. This is a follow-up to a covert $2 million seed round that Fabric Ventures also led in November 2021.

The startup reported that the Series A round also included participation from CMT Digital, Red Beard Ventures, and Geometry Labs.

With the additional capital, the business will introduce its Proof of Behavior™ platform and protocol, which automates web3 incentives based on users’ actual actions.

Muddy Bhatt, the co-founder and CTO of CUB3, stated:

“Web3 has incredible potential when it comes to new models of interaction, commerce, and value distribution by enriching the user experience in digital and real-world crossover applications. For record labels or musicians, CUB3 can direct listeners to new music, encourage fans to share music on different platforms, and reward fans who buy tickets from the musician directly. We consistently see rates of up to 50% engagement in a space where 5% is considered good.”

To improve engagement and retention, organizations may design their own loyalty programs using the CUB3 platform. Brands may utilize the self-service tool to start campaigns that lead consumers to certain actions on various Web2 and Web3 platforms in order to receive incentives. Rewards for both online and physical activities will be automatically given to those who finish the program.

“From receiving a digital collectable for a retweet to incentivizing fans with unique rewards for streaming artists’ new music. CUB3 is creating a Proof-of-Behaviour Protocol including a full-service Web 3 tool suite where brands, publishers, agencies and artists can use positive reinforcement to create brand alignment and incentivize user actions. The veteran team has decades of experience in the fields of technology, AI, ML, media and will leverage their deep expertise to revolutionize how active and valuable members of communities are rewarded,” said Malte Barth, Founding General Partner at BITKRAFT Ventures.

Bhatt was once the chief of artificial intelligence at Verses, a supplier of spatial intelligence and computation platforms, and a research engineer at Google’s DeepMind. He created the sorting, slotting, and routing algorithms at Verses, which are now used to run Amazon 3PL warehouses.

Bhatt left Verses when it was getting ready for an IPO in 2020 to create CUB3. The startup is at the nexus of blockchain and data analytics, and the first technical staff at CUB3 is made up entirely of former Verse AI engineers from his previous organization.

The Polygon and Ethereum networks are presently supported by CUB3’s web3 campaign services and API, and Solana is also supported in beta. According to the business, Polygon is recommended to clients who have no network preferences because it is user-friendly.

The platform, which is currently in development, was used for several active campaigns through 2022. Users may view their individual accomplishments in relation to the larger community and brands have access to statistics to calculate ROI. All actions and awards are maintained on the blockchain.

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Harold

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